Market Orientation - Explained
What is Market Orientation?
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Table of ContentsWhat is Market Orientation? Market Orientation vs Customer-Based Orientation?What is Conventional Product Orientation?
What is Market Orientation?
Market Orientation is a focus by a business on the latent needs and wants of customers when developing and offering a value proposition.
Market orientation can best be understood as a strategy that guides the product development and value delivery process.
Back to: Entrepreneurship
Market Orientation vs Customer-Based Orientation?
Customer-focus or customer-based orientation focuses on the expressed needs or wants of customers. This approach depends upon the customer's ability to identify and express those needs or wants. Businesses often collect this information through direct customer surveys and focus groups.
A market orientation is slightly different in that it seeks to address the needs or wants that customers may not fully identify or understand. For example, if Henry Ford had asked customers what they wanted, they would have said a faster horse. Ford took these stated needs/wants and identified that the latent need was a better method of travel. This method of going further to address the needs or wants that a customer may not fully understand is an example of market orientation.
What is Conventional Product Orientation?
This is an approach to product development wherein the developer focuses on what she is capable of creating - rather than focusing on what customers want. It can be though of more as an inventor's mentality.
- What is a Product?
- What Types of Product are There?
- Durable Goods
- How are Goods Different from Services?
- What Components do Products Include?
- What is Product Quality?
- Perceived Value of a Product
- Why is Product Packaging Important?
- White Label Product
- What is Product Warranty?
- Innovation Adoption Curve
- Product Life Cycle