Market Orientation

With globalization, trade liberalization and a digital world's economy, there is a growing interest among practitioners and researchers to investigate the role of marketing management to improve firms output, return on investment and at a macro level improving the well being of societies. This book describes the role of marketing in economic development. A thorough review of literature was investigated and an empirical study was undertaken. Market orientation focuses on a business culture and activities that enhance business performance, producing superior value to customers, outstanding performance for the firm and aggregately for the economy. The focus of this book was to empirically test this market orientation theory in countries. Market orientation is regarded as a theoretically important determinant of industry growth (Kohli & Jaworski, 1990), so it will therefore have important implications for economic development. The analysis helps answers the questions: Is there a significant relationship between the market orientation and financial performance of companies in developing countries? Can market orientation be used effectively for developing countries to increase their financial performance in the marketplace? Is there a relationship between market orientation and economic development in developing countries? The findings of the study suggest market orientation is positively and significantly related to firm performance in most countries. Secondly, firm performance can dramatically improve output, which can lead to economic development in these countries. This study has shown that companies that have adopted a market orientation strategy show an increased level of performance and on a macro level leads to economic development. The implications of this study is market orientation are reliable constructs applicable in develop and developing countries, and that appropriate performance measures can enhance the well-being of these countries. The book is addressed to professionals in Global Marketing like marketing managers, managing directors and brand managers. It is also directed towards researchers in marketing, international marketing and global strategy.