Market Orientation and the Property Development Business in Singapore

Abstract

The property development business is often regarded as one of high risk and return. As such, developing a competitive advantage is critical. Extant literature suggests that market orientation is a form of sustainable competitive advantage for businesses. This paper is an attempt to test this relationship with specific reference to a high risk business such as property development. A market orientation scale is developed to measure the degree of market orientation in property development firms. The results show that there exists a significant positive relationship for two specific dimensions of market orientation, i.e., profit orientation and responsiveness with business performance and marketing performance. Furthermore, empirical findings showed that the relationship between market orientation and marketing performance was stronger than with business performance. Rinkos orientacija ir nekilnojamojo turto plėtros verslas Singapūre Santrauka Nekilnojamojo turto plėtros verslas dažnai laikomas itin rizikingu ir pelningu. Todėl būtina įgyti konkurencini pranašumą. Dalykinėje literatūroje rašoma, kad rinkos orientacija ‐ tai subalansuoto konkurencinio pranašumo forma versle. Straipsnyje mėginama ši ryši patikrinti, nagrinėjant būtent itin rizikinga verslą, tokį kaip nekilnojamojo turto plėtra. Sukurta rinkos orientacijos skale, kuria remiantis matuojamas rinkos orientacijos laipsnis nekilnojamojo turto plėtros firmose. Rezultatai rodo, kad yra nemažas teigiamas ryšys tarp dviejų konkrečiu rinkos orientacijos aspektu, t. y. orientacijos į pelną ir reagavimo i verslo rezultatus bei i rinkodaros rezultatus. Be to, empirines išvados rodo, kad rinkos orientacijos ryšys su rinkodaros rezultatais yra stipresnis nei su verslo rezultatais.

Value-creating mechanisms within the market orientation–performance relationship: a meta-analysis

“…The corrected mean effect size for MO and market performance is r ¼ 0.40 (SE ¼ 0.04; 95% CI: 0.30 -0.48). Customer orientation was assessed for its relationship with market performance an additional seven times; uncorrected effect sizes ranged from r ¼ 0.26 (Tay & Tay, 2007) to r ¼ 0.43 (Zhou et al, 2009). Similarly, competitor orientation was assessed for its relationship with market performance an additional seven times; uncorrected effect sizes ranged from r ¼ 2 0.34 (Tay & Tay, 2007) to r ¼ 0.46 (Rhee, Park, & Lee, 2010).…”

“…Similarly, competitor orientation was assessed for its relationship with market performance an additional seven times; uncorrected effect sizes ranged from r ¼ 2 0.34 (Tay & Tay, 2007) to r ¼ 0.46 (Rhee, Park, & Lee, 2010). Interfunctional coordination was assessed six times for its relationship with market performance, with uncorrected effect sizes ranging from r ¼ 0.06 (Tay & Tay, 2007) to r ¼ 0.43 (Singh, 2009). In the present analysis, 16 studies (N Respondents ¼ 5251) examined the bivariate relationship between MO and financial performance.…”

“…Customer orientation was assessed for its relationship with market performance an additional seven times; uncorrected effect sizes ranged from r ¼ 0.26 (Tay & Tay, 2007) to r ¼ 0.43 (Zhou et al, 2009). Similarly, competitor orientation was assessed for its relationship with market performance an additional seven times; uncorrected effect sizes ranged from r ¼ 2 0.34 (Tay & Tay, 2007) to r ¼ 0.46 (Rhee, Park, & Lee, 2010). Interfunctional coordination was assessed six times for its relationship with market performance, with uncorrected effect sizes ranging from r ¼ 0.06 (Tay & Tay, 2007) to r ¼ 0.43 (Singh, 2009).…”

Market Orientation and Customer Point of View - In The Case Of Azerbaijan

“…Inter-functional coordination is the coordination of all business activities in order to benefit from customer and other market information to create superior customer value (Narver and Slater, 1990). The literature suggests three ways to achieve effective inter-functional coordination (Tay and Tay, 2007). First, the performance goals of the functional departments are determined by emphasizing the market (customer satisfaction).…”

“…Second, it is the creation of the inter-functional linkage that enables functions to pursue their own interests when they cooperate with other functions. The third way is the necessity of the functions to be highly sensitive and responsible to the needs of other functions (Tay and Tay, 2007).…”