Practices of Market-Driven Companies

Qts: what are the practices of the market driven company?
Ans: Meaning of Market Driven Market-Driven means that the company always tried to provide the best services to their customers, and obtain immediate feedback as to the quality of the service provided.
It also strongly influenced by needs of potential customers using market knowledge to determine the corporate strategy of a company. A market-driven help us to determine a customer focus, together with awareness of competitors, and an understanding of the market. Market Driven Strategy is simple but powerful. As Peter F. Ducker, (Presidential Medal of Freedom winner) said: "The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself."
Practices of the Market Driven The practices of maket driven company can be evaluate by Understanding what the company do, and how they measure the bottom line consequences of their orientation to their markets. Also the most of the company had start adopting the market- driven strategy to understand the logic that all busineess strategic deciosion should start with the distinct & clear understanding the market , customer and the competitors. it requires a customer focus, intelligence about competitors, and cross-functional cooperation and involvement. This initiative extends beyond the marketing function in an organization.
Objectives of the Market driven: Market-oriented companies is effective in getting all business functions to work together to provide superior customer value. This objective of the business process helps to improve the overall level of product quality, reduce costs, and also improve service delivery.

A market-driven strategy is built with an understanding of the market and the customers that form the market. The characteristics of market-driven strategies include developing a Market-orientation,