Market orientation is a business approach that prioritizes identifying consumer needs and wants and creating products and services that satisfy them. Market-oriented companies consider the opinions and needs of their target market as an important component of their research and development for new products. Market orientation is a strategic focus to identify consumer needs and wants in order to define in developing new products. Established businesses like Amazon and Coca-Cola use market-oriented principles to improve or expand their products or services. Photo by Oleg Magni from Pexels Market Orientation Function Market orientation is a customer-centered approach to product design.
Market Orientation Function
It involves market research aimed at determining what consumers see as their immediate needs, main concerns, or personal preferences in a particular product category. Companies may also use additional data analysis to reveal consumer trends and desires that were not specifically disclosed. Knowledge of these trends can ideally help product developers meet or even anticipate consumer needs. They can even inspire improvements that consumers don’t even realize are options. This allows the company to focus its product development efforts on the characteristics that are most in demand. With an increasingly globalized economy and a proliferation of choices for russian phone number consumers, companies adapting to this orientation can take advantage of a competitive advantage over other companies.
Market Orientation Benefits
Market Orientation Therefore Benefits Market orientation often includes improvements in customer service and product support geared towards solving problems raised by consumers. This helps ensure customer satisfaction remains high with the company as a whole and promotes brand loyalty and positive word of mouth. To be successful, companies need to ensure that all departments adopt and promote this orientation approach so that it becomes an CL Leads integral part of the company culture. When effective, market orientation can help companies increase customer retention and drive growth in new demographics. At times, market orientation may reveal customer desires that are not at all cost-effective or practical to implement. The business must then determine how to best meet customer expectations.