Marketing Principles subject assignment Example | Topics and Well Written Essays - 3000 words

Marketing Principles subject - Assignment Example r wants or needs, developing goods and services to fulfill these needs, and generating and then increasing a demand for these products and services ( Marketing Association, 2014). A market orientation is a principle in which all workers are dedicated to the continuous development of higher worth for consumers (e.g., Narver and Slater, 1990; (Deshpande, Farley and Webster Jr, 1993; Slater and Narver, 1994). A market orientation consists of three main behavioral components: customer orientation which includes the constant consideration of the desires of the objective consumers and creating consumer value by using this knowledge. Next is competitor orientation which involves the continuous consideration of the abilities and policies of the major existing and other satisfiers of the objective customers and the use of information in generating higher buyer worth. Last is interfunctional coordination which involves in the coordination of all roles in the business in consuming consumer and other market data to create bigger value for clients (Narver and Slater, 1990, Dawes, 2000). Morrison should device consumer needs in the market and produces products to match those needs by participating in wide marketing research. This will help Morrison’s in raising the production prices of goods and facilities or services. Market segmentation is the division of markets into similar sets of customers, each of them responding in a different way to communication, pricing, promotion and other elements of the marketing mix. There should be a small difference between customers in each segment when forming market segments. Thus, every division or segment can be spoke with an independently directed marketing mix. (Perner, 2014) Segmentation is the foundation for mounting targeted and real marketing plans. Moreover, investigation of market segments allows assessments about strength of marketing happenings in specific segments. A segment-orientated marketing method usually suggests a