Marketing (Research Paper Sample)
What is meant by a \'market oriented company. What do firms do to find out what the customer wants? How do firms measure customer satisfaction? How do firms communicate or build relationships with customers? How does the market concept work? What do firms do to create value for customers? Give some examples of value or extra benefits that a company can offer or create.source..
Firms employ different techniques in finding out what the clients want including carrying out market research. This is a particularly good technique because it helps reveal changing market demographics according to customer needs. Consumer needs are constantly changing and firms embark on continued market research to know what their clients need. Time and again, the firms intend to study and understand consumer behavior during the market research process. By doing this, they are able to establish customer needs, and subsequently produce the necessary products/services to satisfy these clients.
Satisfaction of consumers is particularly important for any business because it reflects firms’ efforts in making clients happy. Often, firms measure satisfaction using questionnaires and survey techniques. These methods are the simplest because they simply intend to ask the clients. Their input and or views act as guide for the firms to develop products or services that can make their clients happy. It is worth noting that companies measure a number of dimensions including delivery, firm’s reputation, price, staff and service as well as the product. When market imply that clients are delighted with the firm and or products, then they are likely to remain loyal and order/buy more products/services.
Building a long-term relationship with consumers is vital and firms often do this by getting involved with their clients. In essence, firms try to bring clients closer to their business/operations through increased communication, meeting their expectations as well as encouraging their behavior (Spence, 2013). It is worth noting that there are no two clients who are the same and hence they should treat them as individuals. Personalized language should also be employed in order to draw consumers to a business. In addition, firms build relationships with clients through taking advantage of other industries relationships. This is done by establishing strategic partnerships as well as alliances.
Market concept assumes that a market is made up of all the potential clients sharing a particular want/need. As a result, the theory functions by making firms understand their market and reacting accordingly. For instance, no firms can operate in all markets and at the same time target satisfy all the needs. Hence, the market concept introduces the issue of identifying and or targeting suitable market. The intention is to meet the real needs profitably. All in all, market concept works by helping the firm to channel its efforts in the right direction. A market holds all the potential consumers, but the firm must act right to identify and capture a segment that it can satisfy.
Different types of industries employ different means of creating values for customers....
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