Market Orientation – Essential Foundation for a Strong Marketing Strategy

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  • Topic: Marketing, Strategic management, Brand management
  • Pages : 6 (1801 words )
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  • Published : October 28, 2012
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MARKET ORIENTATION – ESSENTIAL FOUNDATION FOR A STRONG MARKETING STRATEGY

Electricity Company of Ghana is a limited liability Company wholly owned by the Government of Ghana and operating under the Ministry of Energy (ME). The Company was incorporated under the Companies Code, 1963 in February 1997. It began as the Electricity Department on 1st April 1947 and later became the Electricity Division in 1962. It was subsequently converted into the Electricity Corporation of Ghana by NLC Decree 125 in 1967. Until July 1987, the responsibility for distributing and supplying power in the country rested on ECG. The Government created the Northern Electricity Department (NED) as a subsidiary of Volta River Authority (VRA) in 1987 which took over from ECG the responsibility for the running and development of electric power systems in Brong Ahafo, Northern, Upper East and Upper West Regions.

The Company is responsible for the distribution of electricity in the southern part of Ghana namely, Ashanti, Central, Eastern, Greater Accra, Volta and Western Regions.

Electricity Company of Ghana is among some of the major utility providers in Ghana. They’re the major supplier and distributor of electrical power in most households, institutions and firms in Ghana. Apple Computers, Starbucks Coffee, Virgin Group, L’Oreal, Nike, Singapore Airlines, Banyan Tree and Samsung are among some of the most successful brands in the world. Much has been written about the power of their brands that has allowed them to dominate their respective industries not only in the domestic markets but also globally. Most if not all accounts of success of such brands have emphasized on the branding process, the systems of brand management and the role of the brand equity in enhancing the company’s overall profile. The dynamics and the cultural aspect that are the powerful underlying forces behind these brands are rarely talked about. In today’s market trends, success and profitability depends more on the vision and philosophy of the companies that drives their activities rather than on their business unit level strategies or product level. It is important to document the role of brand equity in a company’s market capitalization and shareholder value maximization. But to achieve such a thing, companies need to develop a culture and an orientation that does not only supports market oriented thinking but also nurtures the integration of cross functional integration of thought and activities. This article takes a detailed look into the components of such an orientation and what makes a company’s internal structure conducive to building strong brands.

MARKET ORIENTATION
Market orientation is usually defined as the organization wide generation, dissemination, and responsiveness to market intelligence. This definition at once changes the dominant paradigm that has defined marketing for decades. Marketing has traditionally been defined within the narrow confines of the 4P framework. Such a conceptualization of marketing has relegated marketing to a tactical discipline to be performed by middle level marketing managers who did not possess the overall holistic view of the organization. But the connected knowledge economy, globalizing, converging and consolidating industries, fragmenting and frictionless markets, empowered customers and adaptive organizations among others are forcing organizations to alter their view of marketing. The concept of market orientation is built on three pillars of customer focus, coordinated marketing and profitability. An organization’s capabilities to develop an orientation towards each of these three pillars depend on their internal structure and culture. The next section further elaborates these three constructs and how it will allow Electricity Company of Ghana to create a strong internal culture that can support brand building. PILLARS OF MARKET ORIENTATION

Customer focus: traditionally Organizations had always focused on...
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