Market orientation (Slovak Foodstuff Industry)
Introduction
It is essential to address market planning, and market orientations in a business setting to promote the marketability of company products. Exploring market planning and values of market orientation tend to improve business performance. High-quality marketing planning can result in excellent business performance in conjunction with market orientation and not independently (Wang and Chen, 2012). In this paper, I’ll be focusing on how to market planning and adjustments affects business performances in research conducted in a company (Slovak Foodstuff Industry).
Task 1: Market orientation (Slovak Foodstuff Industry)
Market orientations refer to attitudes that help shape business cultures and operations. Market orientation is studied by including the following factors as a component, customer orientation, competition orientation and functions of coordination in all company departments (Salyova, Petrovicova, Nedelova and Dad’, 2015). Coordinating the utilization of resources is essential in ensuring the creation of good value perception from customers. Don't use plagiarised sources.Get your custom essay just from $11/page
Measuring scales
The most commonly used measurement model is the MARKOR by Kohli, used in measuring market orientations among managers. A significant requirement that managers use this orientation model within the organizational department and circling the responses received. These responses are then collected tallied then averaged to get the corporate view of market orientation (Kohli et al., 1993). The instrument as got three components generation of market information, dissemination of the information and responsiveness towards the report. Managers usually act to be very busy; therefore whenever this task is given it essential to ensure close supervision as this will help generate facts and not guesswork. Table 1 below shows information intelligence generation.
Items asked
Score
One organization meeting with customers once a year to discuss future services.
6
2 statement on in house market research
6
Three rapid detection of changes in customer preferences
4
Four survey of end-users at least once a year to assess the quality of services offered
6
Five the organization is quick to detect shifts in the industry, for example technology.
5
Six periodically review the likely effect of the changes in our business environment (e.g., regulation) on customers
6
In working out the average, you take the summation of the score then divide by the total number of items in this case, therefore (s for summation of scores then v for total amount of items then t for the result of the arithmetic) s=33 then v=6 therefore t will be s divide by v hence t=6
Table 2; Intelligence Dissemination
Items
Scores
1 The industry has inter-departmental meetings at least once a quarter to discuss market trends and developments.
5
2 Marketing personnel in the industry spend time discussing customers’ future needs with other functional departments.
5
3 When something important happens to a significant customer or market, the whole of the industry knows about it in a short period.
5
4 Data on customer satisfaction are disseminated at all levels in this business unit regularly.
5
5 When one department finds out something important about competitors, it is quick to alert other departments.
5
In working the average s=25 then v=5 therefore in working the average t=5
Table 3: Intelligence responsiveness
Items
Scores
1 It only takes the industrial management short time to decide how to respond to competitors’ price changes.
5
2 The industry hardly ever ignore changes in our customers’ product or service needs.
6
3 The industry periodically reviews their product development efforts to ensure that they are in line with what customers want.
6
4 Several departments get together periodically to plan a response to changes taking place in our business environment.
5
5 If a significant competitor were to launch an intensive campaign targeted at our customers, we would implement a response immediately.
6
6 The activities of the different departments in the industry are well coordinated.
5
7 Customer complaints concerning the industry’s services never fall on deaf ears here.
6
8 If we came up with a great marketing plan, the industry would probably be able to implement it in a timely fashion.
5
9 When the industry finds that customers would like some service modification, the departments involved make concerted efforts to do so.
6
In working the average in this section, s=50, v=9 therefore t=6
Therefore it is perceived that the three components of market orientations are conducted within the industry, thereby enabling it to handle efficiently, matters of technological advances, competition and efficient service delivery to their customers.
Task 2: Market planning
The marketing plan is the fundamental instrument used for directing and coordinating the market effort of an organization. The following are the components of a market plan current market situation, setting goals, methods, action program, budgeting, implementation and control (Campbell et al., 2009). The following components linked to market planning Environmental Analysis, Setting Goal and Objectives, Formulating Marketing Strategy, Action Programs, Implementation and Control (Kumavat, 2019). Therefore it is essential to incorporate the components mentioned above in structuring a marketing plan.
The company (Slovak Foodstuff Industry), the primary respondents to my questions, in this case, the managerial staff, the main centre of focus was strategy and implementation and market analysis. Applied research conducted on small retailers who ventured on food industries and indicated that market planning and orientation is an essential requirement for the success of the business (Kajalo and Lindblom, 2015). The following is the report from the industry
Table 1: Formalization of the marketing plan
1 Is the production of marketing plan done by written means?
5
2 Production of the plan done annually
4
3 Is marketing planning part of the formal planning system in the industry?
5
4 Does the industrial marketing plan starts with the objectives?
2
Table 2: Fullness of the marketing plan
1 Industrial Marketing Planning involves an audit of the company’s strengths and weaknesses
5
2 The Marketing Planning of the industry involves an audit of the opportunities and threats we face in the environment
5
3 The industry’s’ Marketing Plan covers 3 to 5 years and not only one year
4
4 The marketing plan involves all kinds of marketing.
4
5 Industry’s marketing plan covers a wide range of marketing activities.
4
6 The marketing plan also covers financial estimates.
5
Table 3: Management involvement in planning
1 Presentation of the plan done by members of the top management.
4
2 The industry’s market plan incorporates all other forms of production.
5
3 Marketing involves seniority of management in sectors of sales and even marketing.
4
Table 4: Marketing planning thoroughness
1 Marketing planning based on experience and knowledge received from sales and marketing.
5
2 Market planning is highly valued therefore given a lot of time and resource allocation
5
3 The reward is given the same as operational management.
4
Table 5: Behavioural planning programs
1 Managers view marketing plan as a very vital component
5
2 In this industry, managers are given little time and peace to formulate the plan.
5
3 Marketing plan covers all activities within the industry.
4
4 Managers of the industry are committed to marketing planning.
2
Table 6: Use of the marketing plan
1 The technical marketing planning details responsibilities and timing of actions.
4
2 Allocation of resources based on the time proposed for the marketing plan.
2
3 The plan addresses on control measures.
5
4 The marketing plan is not just for granted because it is continuously in use.
4
5 The marketing plan is one of the most valued credentials of the industry.
5
In determining the managerial roles in market planning (z=the methods and the question items while u= the reaction of the respondents, then c will represent market planning analysis.).Therefore z=25 u=106 therefore c=4. Market planning within the industry is taking serious and treated with a lot of care as it forms the backbone of the industry.
Findings
In analyzing table 1, it is clear that the industry makes it formal to every department of the marketing plan and the objectives in it, manager’s answers based this section to be very accurate. Areas of objective settings included pricing, promotions, distribution, market share as well as profit share. Table 2, clears indicates that the food company carries out all auditing in the departments and includes them as part of a market plan. In doing so, the company scrutinizes all the departments ranging from financial sectors to budgeting. Top managerial members do table 3, presentation of the marketing plan with experience and knowledge about marketing. They conduct the tasks under close supervision to help avoid reluctance in conducting marketing. The management is involved fully in marketing as part of their managerial roles.
In table 4, there is enough allocation of resources and rewarding managers for the excellent job on the benchmarking of marketing. Marketing should be taken severe and enough time together with resource allocation aids in the success of its application into the industry. In table 5, it is clear that the industry has got suitable measures in giving responses to the following factors that can hinder marketing policies political environment, uncertainties, reluctance from managers. In table 6, the industry uses the plan very well, and not kept for future reference. The program is into practice, and the managers are responsible for its action, through ensuring adequate allocation of materials towards achieving success. It is essential to study marketing patterns within a business environment as this help the company formulate strategies of addressing challenges of technology and even competition through market planning.
Implications for market planning
Marketing strategy, helps a business enterprise improve the profitability of its services because of the role it plays in departments of the company and the operation. It helps the company focus on particular target areas affecting customers and addresses it. Market planning aids in eliminating dormant activities in the company, thereby promoting business growth and development.According to Rosenbloom, (2010), market planning helps support the following for a company’s own benefit meeting customer need, product designing and promotion, increased business performance and profitability and improving employee morale.
Firstly customer satisfaction provided that the target market selected through conducting market surveys, it offers for solutions in serving customers rather than focusing on market competition. Company’s image becomes more positive in the market place, and it is essential in gaining new customers and building a good market reputation. Secondly, product promotion provided that a company has identified what the customers are attracted to. It is essential that a company formulates features that will help match customers preferences. Offering products that suit customer’s choice will help promote innovation and improve product quality (Rosenbloom, 2010). It is essential to provide services which best respond to customer preferences.
Besides, market planning, boost increased demand after customers feel their needs handled; this also helps the company have good factors to consider in pricing for newly introduced products into the market. There is increased production while eliminating expensive products that are not customer friendly and that the customers do not value (Rosenbloom, 2010). All these results in improved performance and efficiency in offering services. Improved performance increases profitability in a company’s operation.
Finally boosting employee’s morale, high levels of commitment from company workers will help in the production of standardized goods. Workers feel motivated and satisfied in carrying out their roles as their work is made more accessible through customers trust and positivity in the company services (Rosenbloom, 2010). will help promote Ispirit of togetherness and promote cooperation in achieving company goals.
Recommendations
The following measures should be put in place to help reach the above company market planning implications. First, set clear business objectives that are understood by everybody within the company. It will aid in the promotion and execution of marketing policies when marketing is not linked to business objective the business is likely to dissolve. Second, the setting of marketing priorities, the management has to indicate on which parts they will venture in and which sections do not require a lot of efforts. The team is required to set priorities those that they can handle well and not those that will enable inconvenient them (Getscher, 2017). Too many projects will lead to scarcity in the allocation of resources, thereby scrambling the market plan in the study.
Moreover, marketing strategy whereby this entails the proper method and approaches the management will employ in achieving their goals. The strategy involves the management being innovative, having positive attitudes and developing risk management approaches. Furthermore, risk management techniques it is essential to know how to handle risk to marketing. The marketers should always consider risks to help then plan and allocate resources that the managers use in responding to the threats. In every marketing strategy it is essential to put risks into account to avoid future confusion at crucial stages of initiating the plan (Getscher, 2017). The most significant dependency in addressing risks is tied to budgeting, as this will enable the allocation of resources that will aid in responding to the threats.
Conclusions
Generally, based on the results and formulated managerial implications, marketing orientation is understood as an efficient generation of information, dissemination of knowledge and responsiveness to gained knowledge. These three activities mainly relate to the information about customer, competition and market. Based on the results of research, managers should focus on the stated fields. The importance of effecting this model in companies operations is to, set the customer into the heart of the company´s attention and ensure their needs are responded to their satisfaction.
Information discovery linked to market competition, an industrial company, should regulate their marketing actions, policies and existing goods. Marketing orientation enterprise should acquire and gather information about the market in which it operates. The company should display new business trends within their environmental operations settings and effect it on customers.
Responding to new market trends, corporations gain the competitive lead over the competitors. Essential data about customers, competitive forces and current market trends is necessary to share around all departmental levels of a company, for example, through the meetings. Where in these meetings, employees can critically study gathered data and discuss ways in which the corporation will respond to the data collected. Gathering and sharing marketing information is a significant activity in the corporation. Still, if a corporation cannot use this data in service of constructing the value for clients, these operations, therefore, become ineffective.
The main objective should be to the implementation of measures. In the field of competition, it is advisable to portray flexibility in responding to stiff market competitions. Marketing professionals should be prepared enough in responding effectively and without delays and, it is also important to adjust their act marketing strategies concerning the current market trends. For competency use of facts is required for proper coordination of the specific undertakings of departments. Moreover, it is essential to effect timely implementation corporation’s marketing plans that should give a clear picture concerning market trends and current market forces and competitive factor like technological advancements.
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