What is Market Orientation?
Market orientation focuses on providing products that respond to both the needs and wants of a target audience.
How Does Market Orientation Work?
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 Does Market Orientation Matter?
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.
Personalized Financial Plans for an Uncertain Market
In today’s uncertain market, investors are looking for answers to help them grow and protect their savings. So we partnered with Vanguard Advisers -- one of the most trusted names in finance -- to offer you a financial plan built to withstand a variety of market and economic conditions. A Vanguard advisor will craft your customized plan and then manage your savings, giving you more confidence to help you meet your goals. Click here to get started.
Read This Next
Yes, bonds are boring. But boring is good during turbulent markets. Bonds give you some of the most...
Read More →
Recently, I investigated installing solar panels on my roof to reduce my monthly energy bills. The financial calculations are fairly involved. There is the cost of the panels, the...
Read More →
Sometimes the most basic aspects of the stock market can seem like a mystery. Today, we’re taking a look at all of the ...
Read More →
How much money is needed for a comfortable retirement? It's a question only you can answer. The...
Read More →
Many parents want to get a jump-start on college savings, and the smartest strategy depends on a family's own financial situation. Whether you can afford to set aside $25 per month or $28,000 per...
Read More →
