Market Culture is a relative term to describe:
- The overarching culture of a business relating to the attention it focuses on markets/customers
- The skills used to create value for customers
- The level of belief that the ultimate purpose of the business is to create superior customer value, profitably
To break this down, a Market Culture can be distilled into the following 7 components:
External Company Factors:
- Customer Insight
- Customer Foresight
- Competitor Insight
- Competitor Foresight
- P.E.S.T Intelligence
Internal Company Factors:
- Cross-functional Collaboration
- Strategic Alignment
Research studies confirm that those organizations that exhibit a strong market culture produce superior business performance. What’s more, relative market culture strength can be measured, compared and improved.
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