Eleanor Finch
A market-oriented mission statement is a concise summary of a company's culture, values, and fundamental goals that focuses on the customer or consumer, not the product. It should be adaptable to the customer's changing needs and preferences and be based on current market data and environments. The statement can be a single sentence or a short paragraph and should be used in marketing materials to direct the focus of the organization. It should also be used internally to help employees remain focused on their tasks and guide decision-making. A well-crafted market-oriented mission statement can have multiple benefits for a company, such as improving brand image and shaping company culture.
| Characteristics | Values |
|---|---|
| Focus on the customer or consumer, not the product | Customer satisfaction |
| Define a purpose that focuses on satisfying a customer's needs | Current market data and environments |
| Surveys conducted for a target market | Preferences, desires and expectations |
| Adapt to the customer's changing needs and preferences | Identify key markets |
| Define the company's culture, values, ethics, and fundamental goals | Define how the company's goals apply to its stakeholders |
| Short and concise | |
| Memorable | |
| Motivate employees | |
| Reassure investors of the company's future | |
| Accountability | |
| Adaptability |
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What You'll Learn
Focus on customer satisfaction and needs
A market-oriented mission statement should focus on the customer or consumer, rather than the product. It should be about adapting to the customer's changing needs and preferences. For example, a current market-oriented mission statement for a family-oriented hotel chain may focus on delivering clean, homely rooms for families that include current technological capabilities such as Wi-Fi and USB outlets. Older market data may not have shown that families require an internet connection. Therefore, the common denominator is a commitment to the needs of the client, customer or patient.
To understand customer needs, surveys, interviews and data analysis can be conducted to gain insights into customer pain points and priorities. This can be done through free and paid resources, such as media and marketing research companies, standard reports and custom research. Census data is also offered for free by the U.S. Census Bureau and includes demographic information such as age, income and occupation.
A market-oriented mission statement should also be clear, concise and memorable, with a focus on the long-term goals. For example, a statement such as "We enhance customer satisfaction through innovative solutions and quality service, focusing on their diverse needs and enhancing their experience" is market-oriented. This statement prioritises understanding and meeting customer needs, rather than merely promoting product features.
The purpose of a market-oriented mission should match current market data and environments. It should also be in sync with key performance indicators related to customer success, driving positive outcomes. For instance, Sweetgreen's mission statement is about connecting its growing network of farmers who grow healthy, local ingredients with its customers. This statement is strengthened by its mission to connect people, which has been realised in the communities where it has opened stores.
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Adaptability to market changes and customer preferences
A strong market-oriented mission statement is one that is adaptable to market changes and customer preferences. It should be dynamic and responsive to the evolving needs and expectations of customers, ensuring that the company remains relevant and competitive in a changing market landscape.
Market-oriented mission statements focus on the customer, not the product. They are about understanding and meeting customer needs, enhancing their experience, and providing value. This approach allows companies to stay agile and adaptable. For instance, a family-oriented hotel chain's market-oriented mission statement might focus on providing clean, homely rooms with modern technological capabilities such as Wi-Fi and USB outlets. Older market data might not have revealed that families today require these technological amenities.
To create such a statement, companies must gather market data and conduct surveys to understand customer preferences, desires, and expectations. This information helps them identify their target market and create a consumer-oriented focus. For example, a company might learn through surveys that their target customers value sustainability and ethical production practices. Incorporating these values into their mission statement demonstrates their commitment to meeting customer needs and staying adaptable.
Additionally, companies should constantly monitor market trends and be prepared to adjust their strategic course of action. For instance, a company might find that their target market is shifting towards younger generations with different preferences and expectations. Being responsive to these changes and adapting their products or services accordingly will help them stay market-oriented.
A market-oriented mission statement should also be reflected in the company's culture and daily operations. This ensures that all employees are committed to understanding and fulfilling customer needs. For example, Amazon's customer-centric approach has inspired many tech and non-tech companies to adopt similar methodologies. By putting the customer first, companies can create a strong market-oriented foundation that guides their strategic decisions.
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Company culture and values
A company's culture, values, ethics, and fundamental goals are all defined by its mission statement. It is a concise statement that explains why the company exists and what its purpose is. It is a company's compass, guiding its employees, distributors, suppliers, shareholders, and the community at large. It is also a marketing tool, providing an "elevator pitch" sentence that introduces the company to strangers.
A market-oriented mission statement is one that puts the customer first. It focuses on fulfilling customer needs and providing value, rather than solely promoting product features. It is adaptable, responding to the changing needs and preferences of customers. It is drawn from market data and surveys, which reveal customer preferences, desires, and expectations. For example, a family-oriented hotel chain may focus on delivering homey rooms with modern technological capabilities, such as Wi-Fi and USB outlets.
A product-oriented mission statement, in contrast, emphasizes the product itself and its specific attributes, potentially leading to a disconnect between what the customers want and what the company offers. An example of a product-oriented statement is, "We create the most durable and powerful widgets on the market."
A market-oriented mission statement should genuinely represent the company's culture and daily operations. It should be more than just words on a website; it should reflect the company's actual behaviour and values. For instance, Apple's market-oriented mission is, "to be bringing the best user experience to its customers through its innovative hardware, software, and services." Here, the user is at the centre, and technology is a by-product of fulfilling their needs.
A well-crafted mission statement can bring multiple benefits to a company. It can help employees stay focused and innovative, guide decision-making and resolve conflicts, and motivate and attract investors. It can also help a company stay true to its roots, especially as it grows and becomes more complex.
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Accountability and purpose
The purpose of a market-oriented mission statement is to focus on the customer, adapting to their changing needs and preferences. It should be based on current market data and environments, ensuring the company remains committed to meeting the needs of its clients. This involves understanding the target market, including their preferences, desires, and expectations, through surveys and market research.
For example, a family-oriented hotel chain's market-oriented mission statement might focus on providing clean, homey rooms with modern technological capabilities, such as Wi-Fi and USB outlets. This statement addresses the current needs of families, which may differ from older market data.
A strong market-oriented mission statement should also hold the organization accountable to its stakeholders, customers, and the wider community. It should reflect the company's culture and daily operations, ensuring all employees understand and work towards fulfilling customer needs. For instance, Apple's market-oriented mission is "to bring the best user experience to its customers through its innovative hardware, software, and services." This statement puts the user at the center, with technology as a means to fulfill their needs.
Additionally, a well-crafted mission statement should be concise and memorable, serving as an effective "elevator pitch" to introduce the company to strangers and captivate their interest. It should be more than just words on a website; it should guide marketing efforts, shape company culture, and influence employee behaviour, reflecting the company's values and ethos in daily operations.
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Target market and competition
A strong market-oriented mission statement is one that is focused on the customer and their needs, as opposed to a product-oriented mission statement, which focuses on the product itself. A market-oriented mission statement is designed to address and fulfil the needs of customers, emphasising value and satisfaction. This approach allows companies to adapt to market changes and customer preferences effectively.
The target market is the group of customers within a market that a company identifies as the focus of its marketing efforts. This group is typically defined by shared characteristics such as age, income, occupation, and geographic location. Understanding the target market is crucial for developing a market-oriented mission statement as it allows a company to tailor its products, services, and messaging to the specific needs and preferences of its intended audience.
To identify the target market, businesses can conduct market research, including surveys, focus groups, and data analysis. This research helps uncover customer preferences, desires, and expectations, which are essential for shaping the mission statement. For example, a family-oriented hotel chain might discover through research that today's families value having access to modern technological amenities such as Wi-Fi and USB outlets during their stay. This insight can then be incorporated into the mission statement, reflecting the company's commitment to meeting the current needs of its target market.
Additionally, understanding the competition is vital when crafting a market-oriented mission statement. By analysing competitors' strengths, weaknesses, and offerings, a company can identify ways to differentiate itself and better serve its target market. For instance, a company might find that its competitors are falling short in a specific area of customer service, and thus, it can make enhanced customer service a key part of its mission statement.
The target market and competitive analysis enable a company to create a unique and compelling market-oriented mission statement that resonates with its intended audience and sets it apart from the competition. It ensures that the company's mission is relevant, adaptable, and focused on delivering value to the right customers.
In summary, a strong market-oriented mission statement is underpinned by a deep understanding of the target market and the competitive landscape. It reflects the company's commitment to addressing the specific needs and preferences of its chosen audience while offering something unique and valuable compared to its competitors.
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Frequently asked questions
A market-oriented mission statement focuses on the customer or consumer and their needs and preferences, rather than the product. It is designed to address and fulfil customer needs, emphasising value and satisfaction.
A market-oriented mission statement helps a company to define its culture, values, ethics and goals. It also helps employees to remain focused and encourages them to be innovative and productive. It can be used as an "elevator pitch" to quickly and memorably introduce the company to strangers.
A product-oriented mission statement focuses on the product itself and its specific attributes. A market-oriented mission statement, on the other hand, takes an external view, putting the customer at the centre.
A market-oriented mission statement should be short and concise. It should focus on the customer and their needs, and how the company aims to meet those needs. It should also reflect the company's culture and practices, and be based on current market data and environments.
Here is an example of a market-oriented mission statement: "We enhance customer satisfaction through innovative solutions and quality service, focusing on their diverse needs and enhancing their experience". This statement puts the customer first and emphasises their needs, rather than the product.
