Customer Segmentation & Generating Value for Customers: A Study of Evolution and Importance of Market Orientation
Keywords:
Market Orientation, Innovation Orientation, Entrepreneurship Orientation, Enterprise Performance, Customer Segmentation Sustainable Innovation, Marketing PotentialitiesAbstract
Purpose: the purpose of this research article is to define, study and review the literature relevant with the market orientation and evolution of market orientation. Though remarkable progress is been there in area of market orientation. In today’s environments of highly competition, the business enterprises must generate advantages which permit enterprises to distinguish from competition and create customer value. In order to achieving this, the enterprise must have the knowledge and mastery over the environment, externally and internally along with customers, adversaries and market relations between demand and supply, this means a powerful market orientation, and for fully understanding about market orientation literature about evolution of this concept also required to be studied. Methodology: For studying the concept and evolution of market orientation, a literature review study is conducted and literature with the relevant topic are studied. Findings: Market Orientation is related with the activities and processes linked with satisfying and generating customers by continuously judging their wants and needs, so in a manner that a measurable and demonstrable effect is there on performance of enterprise. Now market orientation may be considered as a mature concept, it has evolved from just satisfying and generating customers by continuously judging their wants and needs to new levels of blending of market orientation and next orientations like entrepreneurship orientation or innovation orientation permitting enterprises for having finer performances of enterprises. Implications: This study helps in understanding the concept and evolution of market orientation. Proper implementation of market orientation will provide enterprises ability to distinguish them from competitors. Market orientation may be blended with innovation orientation and entrepreneurship orientation for getting competitive advantages in enterprise. For proper application of market orientation in enterprise, environment in which it is operated, culture of enterprise and climate must be understood. Originality: This research work is an original work of author and done by studying and reviewing the literature relevant with the topic. All the references are duly cited.
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