Disseration Literature review of market orientation and Success Factors

Dissertation research main questions:
“What improvements can Harbour &Voyage make in their market-oriented approach to its services to achieve an organisational growth of 20% within two years?”

Sub-questions
1. What is market orientation (definition, background and meaning?
2. What are the characteristics of a market-orientated company versus product orientated?
3. What measuring scales (MTOR, MAKOR, MORTIN etc.) are available to measure the company level of market orientation?
4. What are the research results to market orientation performance and company’s profitability (Earnings before interest and taxes EBIT)
5. What are the Critical Success Factors of market orientation which can be applibcqed to Harbour & Voya?

Expert Answer:

1. Market orientation is a business approach that prioritizes customer needs and focuses on creating value for them through market research, product development, and marketing efforts. It involves a continuous process of gathering and analyzing information about customers, competitors, and market trends to inform decision-making and business strategy.
2. A market-oriented company is one that is focused on understanding and meeting the needs of its customers. This can involve gathering and analyzing market research, developing products and services that meet customer needs, and using marketing efforts to communicate the value of those products and services to customers. A product-oriented company, on the other hand, may prioritize the development and promotion of its products over customer needs.
3. There are several measuring scales that can be used to assess a company’s level of market orientation, including the Market Orientation Rating (MOR) scale, the Market Attitude (MAKOR) scale, and the Market Orientation and Organizational Performance (MORTIN) scale.
4. Research has shown that market orientation can have a positive impact on a company’s profitability. For example, a study using the MORTIN scale found that market orientation was positively correlated with earnings before interest and taxes (EBIT).
5. The critical success factors of market orientation for Harbour & Voyage may include the ability to gather and analyze market research effectively, the ability to develop products and services that meet customer needs, the ability to effectively communicate the value of those products and services to customers, and the ability to adapt to changing market conditions. Other factors may include a strong customer focus, the ability to innovate, and the ability to build and maintain strong relationships with customers.