Impact of market orientation on innovation

Abstract

Coordination in products and services as a result of technological development and globalization, forces businesses to collect market-related information, disseminate this information among the internal departments, and thus respond quickly to customer needs and demands to maintain customer satisfaction. Today, however, many companies foresee that customer satisfaction and competitive advantage cannot be ensured only by following market information, but innovative breakthroughs should be made in products, services and processes by using this knowledge in cooperation with technology as well. This has led to the necessity of applying the marketoriented approach on the basis of innovation.