Saturday, February 8, 2020
Market Orientation in Business Essay Example | Topics and Well Written Essays - 2250 words
Market Orientation in Business - Essay Example 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 Ã¢â¬Ëmarket orientationÃ¢â¬â¢ before going to its detailed analysis. According to a definition provided by the Business Dictionary, market orientation is Ã¢â¬Ëa business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customersÃ¢â¬â¢. As stated in the Cambridge Dictionary, by the term Ã¢â¬Ëmarket orientationÃ¢â¬â¢ one should understand Ã¢â¬Ëmanagement of a company, product, brand, etc. so that it satisfies the needs of customersÃ¢â¬â¢. In the book Ã¢â¬ËChanging Market RelationshipsÃ¢â¬â¢ written by Jean-Jacques Lambin, market orientation is defined as Ã¢â¬Ëa set of capabilities, activities and behaviors needed to implement a strong marketing orientationÃ¢â¬â¢ (Lambin 2008).Despite the fact that all the definitions mentioned above reflect the main idea behind mar ket orientation quite clearly, the most comprehensive definition of the term is presented by Morgan and Strong in their work named Ã¢â¬ËMarket Orientation and dimensions of strategic orientationÃ¢â¬â¢. 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.