WEBVTT

00:00:00.000 --> 00:00:30.080
Market orientation is a business approach
where a company prioritizes understanding and fulfilling its
customers needs and preferences in order to succeed.
It means the company closely observes what customers desire
and strives to create products or services
that align with those preferences.
Market orientation helps distinguish companies
from competitors through tailored
offerings that cater to customers needs.
It encourages innovation and minimizes risks
by ensuring the company adapts to the shifts in the market.

00:00:30.080 --> 00:01:00.680
Not orienting towards
the market can have disastrous consequences for companies.
Nokia and Kodak are prime examples of large companies
that lost sight of the changing market conditions
and consequently lost
their customers to smartphone and digital camera manufacturers.
On the other hand, Apple is a prime example of a company
that applies market orientation to guide product development
from the iPod to the iPhone.
Apple's products revolutionized the mobile, music,
camera and entertainment industries.

00:01:00.680 --> 00:01:25.880
In essence, adopting a market oriented strategy is crucial
for achieving financial success,
as it enables businesses to identify profitable
opportunities, minimize
potential risks and sustain a competitive advantage.
This approach ensures wise allocation of resources
to areas with the greatest potential
for returns, thereby positively impacting a company's
profitability and fostering sustained long term growth.