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A review of businesses that focus on markets vs. businesses that focus on products in association with market orientation

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  • Christine Reidhead

    (Navajo Technical University)

Abstract

A white paper written on building market-focused businesses reported that organizations which are market-focused primarily set their competitive advantage by delivering superior value beneficially to their target customers alongside thriving in their financial performance. However, this conclusion was made only for market-focused businesses, but we believe that the same applies to product-focused businesses in light of the research which can be related to such a strategic approach. In this review, we discuss the two forms of business philosophies; the first is market-focused business philosophy which is primarily concerned with satisfying customers and market needs, and the second, a product-focused business philosophy is concerned with leading through the innovation of the core offerings of an organization. Surprisingly, both these strategic options have so far not been widely explored comparatively in the available literature. Regardless, we propose that both have a relationship with a certain degree of market orientation that can help to solve the mystery regarding which strategic option is superior over another. This relationship further needs to be tested with empirical evidence to help the managers so they can guide the right strategic direction of the company. Furthermore, it is suggested that strategic focus in crisis situations also need to be further analyzed with regard to product-focused and market-focused businesses.  

Suggested Citation

  • Christine Reidhead, 2020. "A review of businesses that focus on markets vs. businesses that focus on products in association with market orientation," Technium Social Sciences Journal, Technium Science, vol. 11(1), pages 203-209, September.
    • Handle: RePEc:tec:journl:v:11:y:2020:i:1:p:203-209
    DOI: 10.47577/tssj.v11i1.1610
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    References listed on IDEAS

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    1. Frank Crowley & Declan Jordan, 2017. "Does more competition increase business-level innovation? Evidence from domestically focused firms in emerging economies," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 26(5), pages 477-488, July.
    2. Aberdeen Leila Borders & Deborah H. Lester, 2020. "Sustainability challenges in marketing, sales, and other business practices: Introduction to a Journal of Global Scholars of Marketing Science special issue," Journal of Global Scholars of Marketing Science, Taylor & Francis Journals, vol. 30(3), pages 211-228, July.
    3. Dolata, Ulrich, 2017. "Apple, Amazon, Google, Facebook, Microsoft: Market concentration - competition - innovation strategies," Research Contributions to Organizational Sociology and Innovation Studies, SOI Discussion Papers 2017-01, University of Stuttgart, Institute for Social Sciences, Department of Organizational Sociology and Innovation Studies.
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    More about this item

    Keywords

    Market-focused businesses; product-focused businesses; market-orientation; innovation; business performance;
    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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