answer: market-driven strategy is the long term planning of a business to provide the maximum value or advantages to the customers. according to david w. cravens & nigel f. piercy: “marketing-driven strategy provides a companywide perspective which mandates more effective integration of a activities and processes that impact customer value.” the fundamental logic of this strategy is that the market and the customers that form the market should be the starting point in business strategy formulation; which therefore an understanding of the market and the customers that form the market is essential (cravens & piercy, 2006). a market orientation is a business perspective that placed the customer as the center of a company’s total operations (cravens & piercy, 2006). however, for a business to achieve market orientation, it involves the use of superior organizational skills in understanding and satisfying customers (day, 1990).
a market-oriented organization always gathers information about its customers, competitors, and the markets; analyze it from a total business perspective, decides how to deliver superior customer value, and finally takes actions to provide value to customers (slater & narver, 1994). capabilities can be defined as “complex bundles of skills and accumulated knowledge, exercised through organizational processes, that enable firms to coordinate activities and make use of their assets” (day, 1994). customer value is “the outcome of a process that begins with a business strategy anchored in a deep understanding of customer needs” (troy, 1996). the creation of customer value is an important challenge for the managers, since it is an ongoing competitive challenge in maintaining successful market-driven strategies (cravens & piercy, 2006). superior customer value occurs when the buyer has a very positive use experience compared to his/her expectations as well as the value offerings of competitors (cravens & piercy, 2006).
market-driven companies surpass their rivals by developing superior levels of ability across the areas of customer insights / voice of customer initiatives to gain keen insights, providing exceptional customer experiences, total customer satisfaction, brand loyalty and advocacy, customer lifetime value. sales personnel are constantly in touch with existing and prospective customers – these dialogues should be an excellent source to better understand customers. market-driven companies are externally focused and look outside the company for the input required to develop solid strategies and make tactical decisions.
staying connected to customers and potential customers, and cultivating those important relationships are components of the external focus market-driven companies have that equips them to better anticipate market changes. it’s completely unrealistic to expect a sales-driven or internally focused organization to suddenly have close ties to the market. executives talk about their companies becoming marketing-driven, but having the wherewithal to effectively make such a comprehensive transformation throughout the organization is a different story. ceos who don’t openly champion the initiatives driven by their senior marketers to continuously instill the concepts of compulsively delivering value to customers put the long-term success of their companies in jeopardy.
answer: market-driven strategy is the long term planning of a business to provide the maximum value or advantages to the customers. 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 market-driven companies are externally focused and look outside the company for the input required to develop solid strategies and make tactical decisions., market driven company, market driven company, market-driven media, market-driven example, examples of market-driven products.
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