Market orientation

In recent years, a market-oriented corporate culture increasingly has been considered a key element of superior corporate performance. Although organizational innovativeness is believed to be a potential mediator of this market orientation - corporate performance relationship, much of the evidence to date remains anecdotal or speculative. In this context, a systematic framework is presented to test the postulated market orientation-innovation-performance chain. To this end, the direct causality assumption of market orientation on organizational performance is examined with Narver and Slater's (1990) market orientation framework. Moreover, a componentwise approach is taken, and an examination is conducted of how the 3 core components of market orientation affect the 2 core components organizational innovativeness en route to affecting corporate performance. Using banking industry data, innovation's mediating role in the market orientation-corporate performance relationship is empirically tested and substantiated.
In recent years, an increasing number of studies have focused on the concept of "market orientation" with the aim of understanding the effect of corporate culture on organizational performance (e.g., Greenley 1995; Kohli and Jaworski 1990; Narver and Slater 1990; Slater and Narver 1994a). Market orientation fundamentally establishes tenets of organizational behavior with respect to a firm's business constituents (customers, competitors, internal functions), which unequivocally make an impact on organizational performance. In line with this reasoning, researchers have pursued extensively an understanding of the link between market orientation and performance, investigating a direct causal link (Narver and Slater 1990; Ruekert 1992), a moderated relationship (Day and Wensley 1988; Diamantopoulos and Hart 1993; Greenley 1995; Jaworski and Kohli 1993; Slater and Narver 1994a), and even the roles of market orientation's antecedents (Jaworski and Kohli 1993). The interest in the assumed relationship between market orientation and performance ostensibly has remained steadfast for its apparent strategic importance.
Strategic orientations have been considered in both marketing and strategic management literature. Miles...

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