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What is the Definition of Marketing? And the Relationship to a Market Orientation?
Introduction
Marketing is a powerful tool in today’s world of business. It’s a diverse structure which communicates with stakeholders, and creates needs and wants to customers. Everyone has marketing, everyone needs marketing. The reason why a lot of businesses use marketing is because it brings in resources, revenue, potential investors, shows the meaning of products, and brings in customers. Market Orientation is essential, because there are major factors to consider. Markets tend to change through a wider of variety for example the use of technology. When dealing with change you got to consider a number of functions, for example, market research, targeting mix, new products.
Greenley and Foxall (1998) found that the stakeholder orientation consists of five major dimensions.
(1) The use of marketing research to discover and define the needs of all stakeholders;
(2) Top management that understands both the values and the relative importance of the various stakeholder groups;
(3) Mechanisms and a culture that promotes open discussions between all relevant stakeholder groups;
(4) A corporate mission that values the importance of each stakeholder group for the long-term sustainability of corporate performance;
(5) The extent that strategic planning addresses the interests of each stakeholder group. These dimensions all explicitly incorporate stakeholders into the firms' concept of strategy and can be conceptualized into structural and behavioural dimensions of the stakeholder orientation.