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Development of Market Orientation for Marketing Strategy Formulation

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  • Nagasimha Balakrishna Kanagal

Abstract

The formulation of marketing strategy is augmented with the firm making efforts to develop market orientation. Market orientation is the ability of the firm to ¡°orient¡± its marketing strategy to the requirements of the market and continually re-orient its marketing strategy to the changes that occur in the market and business environment. The paper examines the nature of market orientation through literature review and outlines the meaning of the types of strategic thrusts, with specific focus on introducing a new position of competitive advantage called ¡°market mechanisms.¡± The paper then postulates aspects of enabling reorientation of marketing strategy to keep up with changes in the market and business environment. The paper then extends the understanding of market orientation in extant literature by outlining the details of accommodating the convergence between the business purpose of firm orientation and the business purpose of value creation that encapsulates the firm-customer relationship or the market. An empirical section on certain ¡°orient¡± aspects is laid out. Implications for marketing strategists are discussed.

Suggested Citation

  • Nagasimha Balakrishna Kanagal, 2017. "Development of Market Orientation for Marketing Strategy Formulation," International Journal of Marketing Studies, Canadian Center of Science and Education, vol. 9(4), pages 54-65, August.
    • Handle: RePEc:ibn:ijmsjn:v:9:y:2017:i:4:p:54-65
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    References listed on IDEAS

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    1. Neil A. Morgan & Douglas W. Vorhies & Charlotte H. Mason, 2009. "Market orientation, marketing capabilities, and firm performance," Strategic Management Journal, Wiley Blackwell, vol. 30(8), pages 909-920, August.
    2. Bernard J. Jaworski & Ajay K. Kohli, 2017. "Conducting field-based, discovery-oriented research: lessons from our market orientation research experience," AMS Review, Springer;Academy of Marketing Science, vol. 7(1), pages 4-12, June.
    3. Gregory S. Carpenter, 2017. "Market orientation: reflections on field-based, discovery-oriented research," AMS Review, Springer;Academy of Marketing Science, vol. 7(1), pages 13-19, June.
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    Cited by:

    1. Abiodun E. Alao & Adesoga D. Adefulu & Olalekan U. Asikhia & Olubisi G. Makinde, 2020. "Strategic Marketing and Competitive Advantage of Selected Petroleum Products Marketing Companies in Nigeria: The Moderating Role of Resource Capabilities," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 9(1), pages 12-23.
    2. Abiodun E. Alao & Adesoga D. Adefulu & Olalekan U. Asikhia & Olubisi G. Makinde, 2020. "Strategic Marketing and Competitive Advantage of Selected Petroleum Products Marketing Companies in Nigeria: The Moderating Role of Resource Capabilities," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 8(3), pages 108-119.

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    More about this item

    Keywords

    fructification of competitive advantage; market orientation; market mechanisms; product leadership; performance superiority; reorient marketing strategy;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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