Difference between revisions of "Market Driven Organization"
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| − | '''Market-driven''' is defined as: | + | '''[[Market]]-driven''' is defined as: |
| − | *“Firm’s policy or [[Marketing Strategy|strategy guided by market trends and customer needs]] instead of the firm’s productive capacity or current [[Product|products]].” (BusinessDictionary.com ) | + | *“Firm’s [[policy]] or [[Marketing Strategy|strategy guided by market trends and customer needs]] instead of the firm’s productive capacity or current [[Product|products]].” (BusinessDictionary.com ) |
| − | *“Using market knowledge to determine the corporate strategy of an [[Organization|organization]]. A '''market driven organization''' has a customer focus, together with awareness of competitors, and an understanding of the market.” (BNET) | + | *“Using market knowledge to determine the corporate [[strategy]] of an [[Organization|organization]]. A '''market driven [[organization]]''' has a [[customer]] focus, together with awareness of competitors, and an understanding of the market.” (BNET) |
From these definitions the two key points to note are: | From these definitions the two key points to note are: | ||
*It’s a [[Business Strategy|corporate strategy]], and | *It’s a [[Business Strategy|corporate strategy]], and | ||
*It’s based on understanding market trends and your [[Customer|customer]] | *It’s based on understanding market trends and your [[Customer|customer]] | ||
The definition of market-driven is dependent on both these points. If your company doesn’t believe in providing products that your customers want, then it is most likely not going to invest in understanding the market and your customers. Similarly, even if being market-driven is a corporate strategy, you’re not market-driven if you don’t take the time to gain an in-depth understanding of the market and your customers.<ref>Definition - What is a Market Driven Corporation? [https://brainmates.com.au/brainrants/what-does-a-market-driven-product-really-mean/ Brainmates]</ref> | The definition of market-driven is dependent on both these points. If your company doesn’t believe in providing products that your customers want, then it is most likely not going to invest in understanding the market and your customers. Similarly, even if being market-driven is a corporate strategy, you’re not market-driven if you don’t take the time to gain an in-depth understanding of the market and your customers.<ref>Definition - What is a Market Driven Corporation? [https://brainmates.com.au/brainrants/what-does-a-market-driven-product-really-mean/ Brainmates]</ref> | ||
Revision as of 16:59, 6 February 2021
Market-driven is defined as:
- “Firm’s policy or strategy guided by market trends and customer needs instead of the firm’s productive capacity or current products.” (BusinessDictionary.com )
- “Using market knowledge to determine the corporate strategy of an organization. A market driven organization has a customer focus, together with awareness of competitors, and an understanding of the market.” (BNET)
From these definitions the two key points to note are:
- It’s a corporate strategy, and
- It’s based on understanding market trends and your customer
The definition of market-driven is dependent on both these points. If your company doesn’t believe in providing products that your customers want, then it is most likely not going to invest in understanding the market and your customers. Similarly, even if being market-driven is a corporate strategy, you’re not market-driven if you don’t take the time to gain an in-depth understanding of the market and your customers.[1]
- ↑ Definition - What is a Market Driven Corporation? Brainmates