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Market Orientation is essential, because there are major factors to consider. Markets tend to change through a wider of variety for example the use of technology. When dealing with change you got to consider a number of functions, for example, market research, targeting mix, new products.
Greenley and Foxall (1998) found that the stakeholder orientation consists of five major dimensions.
(1) The use of marketing research to discover and define the needs of all stakeholders;
(2) Top management that understands both the values and the relative importance of the various stakeholder groups;
(3) Mechanisms and a culture that promotes open discussions between all relevant stakeholder groups;
(4) A corporate mission that values the importance of each stakeholder group for the long-term sustainability of corporate performance;
(5) The extent that strategic planning addresses the interests of each stakeholder group...
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