Market Orientation
What it is:
Market orientation focuses on providing products that respond to both the needs and wants of a target audience.
How it works (Example):
A company using market orientation invests time researching current trends in a given market. The company then develops a product strategy that caters to the wants and needs of its clientele. Upon deployment, the company advertises the products as items that consumers already want rather than convincing them that the products are something they should want.
For example, if a car company engages in market orientation, it will research what consumers most want and need in a car rather than produce models meant to follow the trends of other manufacturers.
Why it Matters:
Market orientation focuses more on customers and less on developing complex, convincing sales tactics. Globalization has brought market orientation to the fore because adaptability is key in an increasingly competitive climate.
