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
- Peripheral Vision
Internal Company Factors:
- Cross-functional Collaboration
- Strategic Alignment
We measure these factors for our clients using our Market Responsiveness Index (MRI) survey tool and benchmark them against the world’s best so they can measure and manage their company’s level of customer-centricity.
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.
For more information, leave a comment on one of our posts, or visit our website and we’ll get someone to contact you and answer your questions.