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PROJECT TOPIC: THE IMPACT OF MARKET ORIENTATION PRACTICES ON ORGANISATIONAL PERFORMANCE IN NIGERIAN BANKING INDUSTRY

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CHAPTER ONE

INTRODUCTION

1.0    BACKGROUND OF THE STUDY

An Organization is primarily established to achieve certain predetermined objectives, once of which could be the production and distribution of products and services which fulfils the needs and satisfaction of its consumers.

Thus, the needs of the consumers must be identified appropriately by organizations in order to produce goods and services that will satisfy the consumers on one hand and generate sales and profit for the organizations on the other hand. This assertion underscores the very essence of marketing in value creation and organizational performance-Marketing researchers have long stressed the importance of themarketing concept and have regarded it as a foundation of the marketing discipline. Recent researcher provide the much needed theoretical framework for the effect of marketing orientation the implementation of a marketing concept on business performance and shows some empirical support (e.g, Jaworski and Kohli 1993, Narver and Slater 1990. Tung-Zougchan and Su s.c 2004)

Fundamentally, Kotler (2002) identified five business philosophies toward the market place. These philosophies include: Production concept which state that consumers will purchase those products which are available in the greatest quantity and at the lowest cost of the, product concept which state that consumers will favour goods that are superior to others in quality or features. The se1ling concept shifts the emphasis from the product to aggressive selling and promotions closing the sales is goal of this orientation, while societal marketing emphasizes the need for organizations to offer quantity products to maintain or improve the consumers and society's wellbeing.

Finally, the marketing concept otherwise regarded as the production of market orientation according to Kotler, eschewsthe notion that the most important element in business philosophy is either the production capability or capacity or aggressive sales. Instead, this concept focuses on needs and wants, both present and future of potential customers.

Kotler juxtaposed clearly that ‘selling focuses on the needs of the seller; marketing on the needs of the buyer" (Kolter 2002; Juffery D. Derrick, 2002).

In the same vein, Kolterand Jaworski who have researched extensively on market orientation defined the concept as the 'implementation of the marketing concept" They also emphasized three basic element of market orientation which include Intelligence Generation (includes demand assessment, examination of external factors, competitors and customer needs); Intelligence Dissemination (Sharing the data secured among functional units) and Responsiveness (selecting the target markets) designing new product or changing existing ones in response to consumers input, anticipating picture customer's needs and distributing and promoting products that elicit a favorable action on the part of the customer (Jeffery D and Derrick, M.S 2000). Thus, responsiveness may appropriately be considered the spring broad to becoming a more market-oriented firm.


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