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Market Orientation in Business - Essay Example

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Summary
In contemporary business, there are various marketing orientations a company may choose from. Within a framework of this paper, one of the most effective marketing orientations will be considered, and the examples of its use in business will be provided…
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Market Orientation in Business
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Market Orientation in Business

Download file to see previous pages... Considering any business term requires a clear understanding of what is meant by its name. Thus, it is necessary to give an explanation of the term ‘market orientation’ before going to its detailed analysis. According to a definition provided by the Business Dictionary, market orientation is ‘a business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers’. As stated in the Cambridge Dictionary, by the term ‘market orientation’ one should understand ‘management of a company, product, brand, etc. so that it satisfies the needs of customers’. In the book ‘Changing Market Relationships’ written by Jean-Jacques Lambin, market orientation is defined as ‘a set of capabilities, activities and behaviors needed to implement a strong marketing orientation’ (Lambin 2008).Despite the fact that all the definitions mentioned above reflect the main idea behind market orientation quite clearly, the most comprehensive definition of the term is presented by Morgan and Strong in their work named ‘Market Orientation and dimensions of strategic orientation’. In this work, the two authors define perceive the concept of market orientation as a certain mode of corporate management that is founded on encouraging a permanent gathering and sharing of statistical information regarding customers, appreciation of customer needs as a fundamental aspect of the business. ...Download file to see next pagesRead More
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