The Market-driven Company
A market-driven company engages its customers and listens to their needs.
Being market-driven requires a proactive product management process, engaging customers before the product is planned, defined, designed, and developed.
Only by taking a long hard look at end-markets and paying attention to customers' demands before developing a technology platform or products can a company be regarded as one that employs a market-driven approach to product management and development.
When a market-driven approach is adequately applied, the result is a product that will solve a pervasive market problem in an established market segment and for which customers are willing to pay.
The biggest reward is that a market-driven product helps establish market leadership and revenue-growth potential.
Market-driven companies display these characteristics:
- Marketing research is an ongoing activity assigned a very high priority.
- Measurement and evaluation of marketing activities are done frequently.
- Customer needs are the priority, and understanding these needs is a constant concern.
- Increased internal cooperation leads to better services and greater customer satisfaction.