Market Orientation and Firm Performance: Evidence from the Hospitality Industry in the Philippines
DOI:
https://doi.org/10.47604/ijsm.2484Keywords:
Market Orientation, Firm Performance Hospitality IndustryAbstract
Purpose: The aim of the study was to investigate the market orientation and firm performance: evidence from the hospitality industry in the Philippines.
Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries.
Findings: The study on market orientation and firm performance in the Philippine hospitality industry confirms a positive correlation between market orientation and business performance. It highlights that hotels prioritizing customer needs, competitor analysis, and internal coordination tend to achieve superior financial results, customer satisfaction, and market share. This underscores the significance of market orientation in driving competitiveness and sustainable growth within the Philippines' dynamic hospitality sector.
Unique Contribution to Theory, Practice and Policy: Market orientation theory, resource-based view (RBV) theory & service quality theory may be used to anchor future studies on the market orientation and firm performance: evidence from the hospitality industry in the Philippines. Encourage hospitality firms in the Philippines to prioritize customer-centric strategies by fostering a culture of customer orientation throughout the organization. Advocate for policies that support the development of a conducive business environment for the hospitality industry in the Philippines, including infrastructure investment, regulatory reform, and talent development initiatives.
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