Measuring market orientation of Muscle Pharm Corp. (MSLP:US) May 2014 | Page 17

Equity Research - Company Valuation: Diamondcorp PLC

4 RECOMMENDATIONS TO IMPROVE MARKET ORIENTATION
The results as per the MARKOR questionnaire, requires that the focus for improvement
within MSLP’s market orientation lies in the dimension intelligence generation. Before any
recommendations will be given, the most relevant customer needs within the supplement
industry will be described to combine them with the identified weaknesses of MSLP’s –
bringing MSLP to the next level or market orientation.

4.1 CUSTOMER NEEDS IN SUPPLEMENT INDUSTRY
It is not a new phenomenon that the consumers of nutritional supplements want more
specific information about the safety and effectiveness of the products they buy. In most
cases, none of the statements for better results offered by manufacturers of supplements
are evaluated by the FDA which creates doubt for customers if the product is helping them
to reach the goal (Bellamy, 2013). Every customer has different goals. However, what they
have in common is that they want to reach their goals fast. The goals depends on the
individual client, some people consume the supplements to gain muscles, gain lean muscles,
having more energy for the workout, to lose fat, to practise a more healthy lifestyle, to feel
better or to gain mass. In short: “Bigger, Faster, Stronger” – effective and safe (Jalali, 2013).
4.2 CONCRETE RECOMMENDATIONS TO MSLP BOARD TO IMPROVE
With the aim to transform to a more market-oriented company, MSLP may implement some
processes and policies that do not make financial sense or offer long-term viability. To
become more market orientated, MSLP must consider both the customer and the business.
Crook (2010) describes three major forces to achieve a higher market orientation. These
three factors include focusing on the competitors, understanding the customers and having
a powerful internal co-ordination and marketing concept. In the context of MSLP, the firm
should do following:
1. Invest in Market Research: MSLP should hire an in-house market research team that will
develop systems and behaviour attributes in order to classify and understand the peers in
the supplement business as well as regulatory and safety issues. More precisely, MSLP needs
to build and structure a database that comprises all important facets, including SWOT, their
client bases, pricing strategies as well as branding strategy, offered product lines and service
portfolio (Crook, 2010). This market research team should be able to overcome most the
weaknesses identified from the MARKOR measurement in the area intelligence generation
such as reacting to changing consumer needs or review the effect of transitions in the sector.
2. Build a real understanding of the customers: MSLP should examine and develop a real
understanding of their customers’ needs together with their behaviour. MSLP should at least
analyse their current users to identify their preferences. For example, the implementation of
surveys allows the company to gain feedback with regards to performance where some of
the questions asked will include what they like and dislike about MSLP and what the firm
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