Definition of Market orientation:
It may sound obvious, but advocates of market orientation argue that the conventional approach to product development is the opposite. That is, marketing strategies focus on establishing key selling points to promote existing products rather than designing products that have the qualities consumers say they want.
A business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers. See also product orientation and sales orientation.
Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them. Companies that have a market orientation consider the opinions and needs of their target market as a critical component of their research and development (R&D) for new products.
How to use Market orientation in a sentence?
- Market orientation is a strategic focus on identifying consumer needs and desires in order to define new products to be developed.
- Established businesses like Amazon and Coca-Cola use market orientation principles to improve or expand their products or services.
- Even consumer demands that are impractical today can inform long-range decision-making.
Meaning of Market orientation & Market orientation Definition