1.1 THE STUDY OF STRATEGIC MARKETING (Page 2-3)
ACTIVITY 1.1 (Page 3)
Research a Malaysian company that you believe has been adopting market-driven strategies. Identify those strategies. Why do you consider this company to be successful?
SEFF-CHECK 1.1 (Page 3)
In your own words, define strategic marketing.
Strategic marketing is a “market-driven process of strategy development, taking into account a constantly changing business environment and the need to deliver superior customer value” (Cravens and Piercy, 2006, p 30). (Page 2)
1.2. MARKET-DRIVE STRATEGY (Page 3-4)
SEFF-CHECK 1.2 (Page 4)
1. Looking at your own organization, do you believe that it promotes a market-driven strategy?
2. Is the market-driven strategy relevant to governmental and non-profit organizations? Explain.
1.3. MARKET ORIENTATION AS A PHILOSOPHY (Page 5-7)
SEFF-CHECK 1.3 (Page 7)
1. In your own words, define market orientation.
“A business is market-oriented when its culture is systematically and entirely committed to the continuous creation of superior customer value” (Narver and Slater, 1994, p 22).
2. State the three dimensions of market orientation.
Kohli and Jaworski (1990) define market orientation in terms of three dimensions:
3. State the three tasks that a market-oriented organization is involved in.
The primary objective is to deliver superior customer value. To fulfill this objective, the organization must engage in the following tasks:
+ Information Acquisition:
+ Cross-Functional Assessement:
+ Shared Diagnosis Action:
From the above, it becomes obvious that for an organization to embrace market orientation, management must make use of superior organizational skills to help them understand and satisfy customers.
1.4. DISTINCTION BETWEEN MARKET ORIENTATION AND MARKETING ORIENTATION