MKTM044 - ES1 Market Orientation Essay Answer

Introduction

The purpose of the first hook in this essay is to pique the reader's attention and keep them reading. It sets the stage for future research into the role of market orientation (MO) in strategic marketing. Adapting one's company strategy to the volatile nature of markets is what "market orientation" (MO) is all about. Strategic thinking with the end user in mind is emphasized. Because it is the bedrock of a company's adaptability, competitiveness, and innovation, market orientation in strategic marketing cannot be overstated. Modern organizations rely on MO so that they can swiftly respond to evolving customer expectations, competition challenges, and market trends. This paper will critically assess the five important qualities of market orientation, taking into consideration a wide range of viewpoints, worldwide ramifications, and the impact on the economic performance of Budweiser UK . Additionally, it will evaluate how Budweiser UK is now using market orientation and provide guidance on how the firm may make future applications of market orientation even more effective. 

Defining Market Orientation and Budweiser UK

"Market orientation" (MO) is shorthand for one of the cornerstone concepts of marketing strategy. It represents the firm's willingness to change with the times and respond to customer feedback. Keeping tabs on the competition, working together across teams, being open to new ideas and perspectives, and planning for the future from the customer's point of view are all essential parts of MO (Bhattarai, Kwong and Tasavori, 2019). This tactic is vital for businesses since it allows them to not only meet but also anticipate customer requirements, which in turn fosters innovation and offers them a competitive advantage. 

Budweiser UK, a major participant in the brewing sector, provides an interesting case study in which to analyze the efficacy of market orientation in practice. Budweiser UK, operating in a highly competitive and dynamic sector , is committed to providing consumers with high-quality beer options that cater to their diverse and ever-changing preferences(Moane, Galkin and Solmi, 2020). The company's market position stems from its heritage as a worldwide beer behemoth, thus it responds to trends in branding, distribution, and customer taste. Examining how Budweiser UK has used market orientation to boost consumer pleasure, profits, and the company's overall performance is a fascinating prospect in light of the current state of the beverage business. 

Critically Appraising the Five Elements

Elements of Market Orientation

Customer Focus: Understanding the wants and requirements of one's target market is essential for every business that aspires to succeed in a given industry. Companies that succeed in customer focus often perform market research, assess customer feedback, and place a high value on their customers' opinions(Branstad and Solem, 2020). This factor encourages a customer-first mindset, which is essential for successfully meeting the needs of a competitive market. 

Competitor Focus: Organizations require a keen awareness of their competitors in order to succeed in highly competitive situations. Focusing on rivals entails not just keeping tabs on and researching them, but also analyzing their strategies and results (Andrevski, et al., 2021). As the market evolves, this factor pushes businesses to fill in the gaps and set themselves apart from rivals. 

Interfunctional Coordination: An efficient approach to market orientation requires close coordination across different divisions within a business. Cohesive collaboration across functions like marketing, sales, and product development is fostered via inter-functional coordination (Chan, 2020). This harmony guarantees that market research and consumer comments are included into the creation, promotion, and selling of products. 

Organizational Learning: Learning on the job is crucial in today's fast-paced businesses. The capacity to learn from either triumph or tragedy is a cornerstone of organizational learning. This factor motivates organizations to experiment with new approaches and react quickly to the needs of customers(Na, Kang and Jeong, 2019). It also encourages employees to share what they've learned and adapt to new situations. 

Long-Term Focus: The market mindset goes beyond seeking short-term benefits. With an eye on the future, business choices are made with longevity and client loyalty in mind (Närvänen, et al., 2020). This factor inspires companies to think about the long-term value they provide to their clients, which in turn increases consumer loyalty and retention. 

Alternative Perspectives on MO

There is no universal definition of "market orientation" (MO) , since the term may be understood and used in a variety of ways depending on the industry and geographic environment (Wasim, et al., 2022). One such viewpoint takes into account contextual factors. The minimum acceptable levels of MO for a technological firm, for instance, may be quite different from those of a more conventional manufacturer. Although operational efficiency may be a higher priority in manufacturing, in the IT industry , quick innovation and consumer input are of the utmost importance.In addition, cultural and economic reasons might cause MO to differ among locations(Tajeddini and Ratten, 2020). When operating on a global scale, organizations may face contrasting economic, regulatory, and consumer trends. Consumer habits and expectations might be affected by cultural variations (Budur, et al., 2020). For instance, cultural differences may need a different approach to MO in Asia compared to Europe . Therefore, it is essential to have a dynamic and adaptable MO strategy that takes into account the specifics of each target market in order to achieve success in international market orientation. Budweiser UK has to take these varied viewpoints into account if it wants to succeed in the United Kingdom's competitive brewing market and beyond. 

Impact on Business Performance

Budweiser UK's market orientation may be seen in its whole by analyzing the effect of each component of market orientation (MO) on the company's bottom line. Brand loyalty and customer satisfaction have increased as a result of the company's customer-centric approach (Oktaviana, and Wicaksono, 2022). However, putting too much stock in what consumers want might lead to a spread of services too thin and a waste of resources. Concentrating on other companies helps Budweiser UK maintain its competitive edge , but being too obsessed with them might lead to a "follower" mindset and stunt its capacity for original thought (Andjelic, 2020). While communication across departments is essential, too much of it may slow down the decision-making process. Organizational learning has fueled innovation, but too much trial and error may be wasteful. Customers are more likely to remain loyal if the company takes the long view, yet inflexible methods might slow the company down(Alzoubi et al., 2022). Achieving optimal advantages while minimizing negative effects is a balancing act that requires constant adjustment for Budweiser UK's business success. 

Application of Market Orientation in Budweiser UK

Recommendations for Improvement

The market orientation (MO) strategy that Budweiser UK has in place is rather strong, but there is room for improvement. To begin, the company may increase its organizational learning by encouraging a culture of knowledge sharing, rewarding risk-taking, and allocating resources wisely. The firm would do well to adopt a more measured approach to the long term if it wants to keep customers happy and be nimble enough to adapt to shifting market circumstances(Pesonen, 2022). Budweiser UK may better execute these changes by instituting frequent knowledge-sharing meetings across divisions, encouraging product development experimentation, and setting up a defined feedback loop for internal learning (Edwards, and Kakavelakis, 2022). Brand loyalty may be increased by prioritizing environmental responsibility and long-term sustainability in business operations. Increased creativity, quicker adaptation to market shifts, and a more resilient brand identity are just some of the positive outcomes that might result from implementing these suggestions (Klein, and Todesco, 2021). Increased market orientation and ongoing success in the highly competitive beverage sector are two ways in which these changes are projected to boost Budweiser UK's bottom line. 

Conclusion

This study examined market orientation (MO) and its implementation at Budweiser UK, with special attention paid to its five core tenets: customer focus, competitor focus, interfunctional coordination, organizational learning, and long-term focus. In particular, the research highlighted opportunities for Budweiser UK to strengthen their MO strategy by bolstering organizational learning and striking a better balance in their long-term emphasis.In today's corporate environment, market orientation is more than just a nice idea; it's a must. It helps businesses adapt to changing market circumstances, encourages creativity, and creates loyal patrons. Business that embraces and refines market orientation is better positioned to flourish and adapt in an age marked by fast technical breakthroughs and fluctuating customer tastes. 

References

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Wasim, M., Ahmed, S., Kalsoom, T., Khan, M.S. and Rafi-Ul-Shan, P.M., 2022. Market orientation and SME performance: Moderating role of IoT and mediating role of creativity. Journal of Small Business Management, pp.1-28. 

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