Market Orientation and Potential Influences

Question: Discuss about the Market Orientation and Potential Influences. Answer: Introduction Quick response code (QR) is a two-dimensional bar code readable optical label that contains all relevant information consumers need. Therefore, the QR uses numerical, binary, alphanumeric and kanji as standard coding to store the information efficiently. Currently, QR is replacing other method of the advertising since it is the most efficient way and easy to use in term of the cost and time-saving(Walsh, 2009). Initially, the code has been in use in vehicle manufacturing industry but recently it in use in the service sector such as loyalty and product marketing, transport and entertainment ticketing and financial tracking. A consumer using the standard phone can be able to scan a QR code and gather relevant information on the promotional deals or offer, mobile web pages or maps. Customer needs correction information regarding the product they want to purchase. Obtaining of the information can be through personal, commercial and public sources. States that a customer has to undergone five steps to buy the product of their choice Consumers need to recognize the problem, information search, and evaluation of alternatives, purchase stage and post purchase stage. Therefore, the consumer decision-making process is mostly based on this concept. Family life cycle model This concept helps in service positioning and segmentation of the target markets cycle in focusing on the access to the information, shopping style and decision making in different stages of human life(Carpenter, Bauer, Erdogan, 2010). Thus the marketer should understand clearly the stage of human life to fulfill their need and wants. Hence the model tries to explain the stages consumers pass through when they have family. There is marketing opportunity of the QR code in the commercialization environment. Marketing and promotion uses QR coding in business cards, brochures, conferences and also in print advertisement. QR code provides the user with conveniences; it is cost-effective, talented, environment friend, measurable and device independent and competitive differentiation. QR coding is necessary for the product review and demonstration when next to the in-store products. In financial sector; they are most efficient and creative in an online method of payment(Narang, Jain, Roy, 2012). QR code can be used to increase easiness and convenience on payment. QR coding assists in consumer buying decision since they are more of customer acquisition and continuity campaigns. QR coding helps in the health care delivery in transferring very sensitive information from one level of the system to another. QR code can be used to buy bus ticket; it can tell the number of the seat and the next vacant seat. PEST: political, economic, sociological and technology, environment(Locke, 2001). The concept aims to understand the business environment in respect to the organization strategy. (Hitt, Ireland, Hoskisson, 2017). Before establishing competition, marketing mix, and marketing strategy, business operation as to be in place; whenever entering a new market, service providers should consider the environment and external business factors. AIO (attitudes, interest, and opinion) concept Activities interest and opinion carry out psychographic segmentation. AIO tells the service to provide what the consumers like regarding interest or ideas(Kotler Armstrong, 2012). The type of hobbies or work says a lot about the person. Interest is also important as tells the providers the message consumers want to hear.in an age of the internet; opinion is important since it can make the company rise or fall. QR coding is very versatile; allows integrating with another way of marketing such as an outdoor display or direct mail. QR is environmentally friendly as reduces wastage on the printing. QR is very measuring in the sense that it is tracing with other web media during the marketing campaign(Okazaki, Li, Hirose, 2012). Another method of marketing is hectic and expensive; therefore due to clarity and efficiency of coding means, they are cost effective. QR is user convenience since it gives direction to the website or phone number and promotion. QR does not require smartphone such as iPhone to assess. Product and competitive differentiation are vital, since the method is not well known in Australia; it gives the managers good strategic management. Competitive analysis concept concept include identifying the current and future position of a competitor, finding your market share, performing SWOT analysis, creating competition business portfolio planning, executing and following strategies. Product marketing strategy consists of pricing, promotion, product, and place. The extended three P's include people, process, and physical evidence. Product in service delivery is intangible in nature. Location refers to the area of delivery of services. For instance, software firm will better in business hub. Pricing for the service it entails putting considerations to the labor, overhead and material cost. Promotion in the service sector is crucial due to the survival tactics. People are important in the service delivery, therefore, having trained workforce will enhance customer satisfaction .process refers how the services reach to the potential client. Finally, physical evidence defines the where the place of rendering services. QR code affects the consumers in one way or another. Innovative customers tend to have implication for the retailers as a service sector. Retailers should use this method to sell their merchandise and promote their product through reaching out to the innovative consumers(Wedel Kamakura, 2012). QR coding potentially influences the buying behavior of the consumers because the communication is very efficient and cheaper.in the communication sector, QR user perceive that QR code provides them with information, entertainment or monetary benefits. Value chain analysis concept The process that customers go to acquire product determines the buying behavior. The producer should continue adding value to the services otherwise they are going to be considered as inferior. If you add value, there is a creation of product differentiation and market segmentation. The more producers add to the service, the high the profit margin or return on investment. Vals framework is the best way to perform demographic structure. Therefore, the structure keeps the consumers capacity in the innovation. Motivation and income, education and confidence determine customers values attitude and lifestyle. E-ticketing is critical in the provision of services and hence helps in the users satisfaction. There are three variables in the e-ticketing including data security, user-friendliness, infrastructure and technical support. Effective e-ticketing will make the company retain its existing customers and hence consumer loyalty over the long term(Pelham, 2000). Therefore, e-ticketing seems useful method in streaming major operation and increase customer satisfaction in the service sector. Currently, companies use e-ticket for to provide services such as e-shopping and entrance ticket in sport or concert. E-services involve internet platform where buying and selling can take place. Platform means it very useful in both consumer and buyer point of view. E-government is one of the e-services in the government sector; therefore e-government involves the service in the public sector. E-business means the services the non-governmental organization or the industry provides. E-shopping are open 24 hours in a day, and price discounts are electronically. E-television offer communication services to the consumer, thus allow adding of the data service to the tradition television. Thus assisting in creation of new opportunities based on the online service advancement The concept relates together market share and market growth rate. BCG helps in the finding the best way to analyze the future strategy(Kitchen Burgmann, 2010). It also helps the firm to decide the right line and how to implement the plan. The concept explains how the innovation affects the social change. It tries to describe how a change quality spreads through mass media. Diffusion innovation follows five stages including knowledge, persuasion, decision, implementation and confirmation. Conclusion QR coding is an effective way to advertise the services or product that billboard cannot replicate. Using QR in the company ensure full engagement of the customer and thus adding value to the both the client and firm. Marketers should use QR coding as strategic techniques to reduce the operating cost in the marketing. Many countries are not aware of the QR code in the mobile marketing and therefore are need to implement, execute and create awareness of the usage QR coding to the consumers. References Carpenter, M., Bauer, T., Erdogan, B. (2010). Principles of management. Hitt, M., Ireland, R., Hoskisson, R. (2017). Strategic management: Competitiveness globalization. Boston: Cengage Learning. Kitchen, P., Burgmann, I. (2010). Integrated marketing communication. John Wiley Sons, Ltd. Kotler, P., Armstrong, G. (2012). Principles of marketing. Boston: Pearson Prentice Hall. Locke, K. (2001). Grounded theory in management research. Sage. Narang, S., Jain, V., Roy, S. (2012). Effect of QR codes on consumer attitudes. International Journal of Mobile Marketing, 7(2). Okazaki, S., Li, H., Hirose, M. (2012). Benchmarking the use of QR code in mobile promotion. 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