Market Culture is a relative term to describe:
- The overarching culture of a business relating to the attention it focuses on markets
- 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 components which may be evaluated individually:
- Creation of superior value, profitably
- Customer insight
- Competitor awareness
- Collaborative approach, which includes
- Cross-functional team approaches
- Collaborative value networks
- Criteria for decision-making
- CEO leadership
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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