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 | + | *“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 [[ | + | *It’s a [[corporate strategy]], and |
| − | *It’s based on understanding market trends and your | + | *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.<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> | ||
| + | |||
| + | |||
| + | ===See Also=== | ||
| + | *[[Market Analysis]] | ||
| + | *[[Market Cap]] | ||
| + | *[[Market Driven Organization]] | ||
| + | *[[Market Forces]] | ||
| + | *[[Market Research]] | ||
| + | *[[Target Market]] | ||
| + | *[[Product/Market Fit]] | ||
| + | *[[Product/Market Grid]] | ||
| + | *[[Marketing]] | ||
| + | *[[Marketing Effectiveness]] | ||
| + | *[[Market Maturity]] | ||
| + | *[[Marketing Plan]] | ||
| + | *[[Marketing Strategy]] | ||
| + | *[[4S Web Marketing Mix Model]] | ||
| + | *[[5C's of Marketing Strategy]] | ||
| + | *[[7 Ps of Marketing]] | ||
| + | |||
| + | |||
| + | ===References=== | ||
| + | <references /> | ||
Revision as of 18:45, 3 November 2022
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]
See Also
- Market Analysis
- Market Cap
- Market Driven Organization
- Market Forces
- Market Research
- Target Market
- Product/Market Fit
- Product/Market Grid
- Marketing
- Marketing Effectiveness
- Market Maturity
- Marketing Plan
- Marketing Strategy
- 4S Web Marketing Mix Model
- 5C's of Marketing Strategy
- 7 Ps of Marketing
References
- ↑ Definition - What is a Market Driven Corporation? Brainmates