market (noun, mar-ket, \ ˈmɑːrkɪt \) orientation (noun, o-ri-en-ta-tion, \ ˌɔːriənˈteɪʃn \)
Definition: is a business philosophy used by companies that focus their efforts on determining and satisfying the voiced or unvoiced wants and needs of their customer base by developing and adjusting its products or services. With the ever-increasing number of choices that consumers have, organizations that want to stay competitive, have to adopt a market orientation and tailor its goods according to trends set by consumers. Additionally, companies that use this orientation strive to provide superior customer service and support to turn occasional customers into active ones.
In a Sentence:
- Michelson has always believed in the power of word-of-mouth advertising, and that’s why his company adopted a market orientation from the get-go.
- If you want to survive in the current business climate, you have to follow the market orientation approach. The days when we, the manufacturers, defined what to offer our customers are long gone. Now, all we can hope for is satisfying the wishes of our clients.
Synonyms and related words: product orientation, customer orientation, sales orientation, company orientation
