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Feasibility Study on any Business Approach

For instance, the business must stay aware of the acquired values, perceptions, preferences, behaviors, attitudes that the customer has based on tradition, nationality, religion, racial group and geographical areas.

B. Critical Factors in Considering a Market Orientation

A company, considering strengthening its market orientation must first of all consider its product. This implies asking some very basic questions. Some of those questions are:

1. Is our product really what we think it is?

2. Have we clearly defined who "wants" our product, instead of dreaming about who "should want" it?

3. What is our product's competition?

4. How do our channels of product distribution compare to the competition?

5. Do we have the company-wide commitment to a market orientation? Or are we looking at it to create short term benefits on the P & L?

Petrof, who was quoted above, points out that marketing "lags far behind other fields in historical research, and scholars typically quote only recent sources in their journal articles. Many concepts appear to be new only because their authors did not search back beyond the very recent past" (Petrof, 1997, 27).

Because of this lag, much that is being written about "market orientation" is similar to the marketplaces in other historical eras, periods which were as competitive, if not more so, than the marketplace today.

Says Petrof "in the 1920s and 1930s was as competitive as--if not more so than--it is today. To tap it effectively required marketing knowledge. With buyers in increasingly short supply, the marketer of the 1930s could scarcely afford to neglect customer relationships" (Petrof, 1997, 27).

After the company has undergone the questioning process described above (there are far more questions than those five listed), the next step would be to determine  philosophically  what the company strategy should be.

It is during this process that the management shou...

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