Principles of Marketing

Principles of Marketing

  • Submitted By: Gnatiev
  • Date Submitted: 01/05/2014 5:11 AM
  • Category: Business
  • Words: 2569
  • Page: 11
  • Views: 1

According to Adam’s Smith in the book called Wealth of Nations in 1776, marketers tend to consult customers before launching new products in the market. In modern business, a customer is seen as king which means that their needs are being met by businesses on daily basis. During the industrial revolution, workers were used to produce many products which based on selling quantity rather than quality and customer satisfying products.

Production Orientation
In the early 1920’s the aim of production orientation for the business is to minimise costs through mass production and mass distribution. Modern day managers still practice production orientation but consult customers on the products they need. For example, Asda supermarket produces massive bakeries to reduce cost in view to sell as soon as possible in a moderate price and to maximise profit in accordance with customer’s needs. Compromising product design and quality for the sake of production is likely to reduce the product's appeal to customers.

By the 1930’, as a result of mass production, there was fierce competition among marketer to sell products by convincing people to buy by advertising and personal selling. Managers of the firm focus mainly on the products they can sell not on the product that customers need. Competition in the grocery market is fierce. This – along with constantly changing customers’ behaviour and taste means Asda kept on its toes trying to please customers and maintain sales. A research was developed to provide ASDA with a sustainable way to track and evaluate shopper perceptions and attitudes towards its fresh meat and fish offering. ASDA continuing on research to introduce several new products into their range and improve customer satisfaction which is market orientation.
Market Orientation
This is approach where manager consult customers’ first before making any product to know their...

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