What is Market Orientation?
The marketing orientation is sometimes explained as the implementation of the marketing concept, but what does this really mean?
A firm is labeled as market-oriented when its committed for the long-term to understanding customer needs, both expressed and latent, and to developing innovative solutions that produce superior customer value.
In short, the key characteristics of a market-oriented firm are:
- Focused on latent needs
- Focused on long-term customer value