market (noun, mar-ket, \ ˈmɑːrkɪt \) driven (adjective, driv-en, \ ˈdrɪvən \)
Definition: is a set of organizational characteristics and business performance aspects that are directly or indirectly influenced by market forces. These characteristics are continuously adapted and changed according to new market demands to ensure that a company can stay competitive and maintain a steady revenue stream. Market driven companies generally adopt a market orientation and demonstrate a tendency to concentrate on their internal competencies and capabilities that allow them to respond to their clients effectively.
In a Sentence:
- Since the people’s needs and expectations are constantly changing, it’s better to have a market driven company and develop a flexible method that allows easily meeting those demands.
- The manager’s initiative to cut costs was market driven as it would allow the company to lower its prices and win over more customers.
Synonyms and related words: market forces, market research, market value, market economy
