MARKET ORIENTATION Meaning and
Definition
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Market orientation is a strategic approach employed by businesses to focus their activities on meeting the needs and wants of their target markets. It is a philosophy that revolves around continuous monitoring and assessment of market trends, customer preferences, and competitors' activities in order to adapt and align the organization's strategies, products, and services to the evolving market conditions.
A market-oriented company demonstrates a strong emphasis on customer satisfaction and effective market research. This often involves gathering data on consumers' needs, demands, and preferences through various means such as surveys, focus groups, and social media analysis. This information is then used to develop and refine marketing strategies, product development, pricing, and distribution decisions, with the ultimate goal of delivering superior value to customers.
Market orientation also includes a strong emphasis on building and maintaining long-term relationships with customers. It strives to understand and anticipate customer needs, provide personalized solutions, and continuously adapt to deliver superior customer value. A market-oriented organization constantly seeks feedback, engages in active dialogue, and cultivates customer loyalty.
Organizations with a market orientation tend to be proactive, responsive, and flexible. They actively monitor and analyze market dynamics, capitalize on emerging opportunities, and quickly adapt to changing customer demands. This customer-centric approach allows businesses to better understand and meet the ever-changing needs of their target markets, ultimately leading to increased customer satisfaction, market share, and profitability.
Common Misspellings for MARKET ORIENTATION
- narket orientation
- karket orientation
- jarket orientation
- mzrket orientation
- msrket orientation
- mwrket orientation
- mqrket orientation
- maeket orientation
- madket orientation
- mafket orientation
- matket orientation
- ma5ket orientation
- ma4ket orientation
- marjet orientation
- marmet orientation
- marlet orientation
- maroet orientation
- mariet orientation
- markwt orientation
- markst orientation
Etymology of MARKET ORIENTATION
The term "market orientation" originates from the combination of two key terms: "market" and "orientation".
The word "market" comes from the Latin word "mercatus", meaning "trade" or "buying and selling". It emerged in the late Middle Ages and was primarily associated with places where trading activities took place, such as town squares or marketplaces. Over time, "market" expanded to refer to the overall economic system of buying and selling goods and services.
The word "orientation" refers to the act of determining one's position or direction in relation to something. It comes from the Latin word "orientare", which literally means "to face the east". This is because in ancient times, people often used the direction of the rising sun (east) as a reference to locate themselves.
