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Market orientation: Understanding markets, shaping the future

In: Enduring Success

Author

Listed:
  • Franz Bailom
  • Kurt Matzler
  • Dieter Tschemernjak

Abstract

As our model shows, market orientation is one of the key drivers of success. We describe as market-oriented those companies which (1) continuously generate knowledge about markets and stakeholders; (2) systematically distribute this knowledge within the company and make it accessible to the key decisionmakers; and (3) base their innovations and strategies on this market knowledge. Formulating the market strategies which result from this process is a task for top management, and it is becoming increasingly important. Three trends account for this in particular: (1) the new sources of innovation; (2) increasingly complex market systems; and (3) the failure of classic, quantitative market research techniques where innovations are concerned.

Suggested Citation

  • Franz Bailom & Kurt Matzler & Dieter Tschemernjak, 2007. "Market orientation: Understanding markets, shaping the future," Palgrave Macmillan Books, in: Enduring Success, chapter 5, pages 55-76, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28704-4_5
    DOI: 10.1057/9780230287044_5
    as

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