Innovation in the Enterprise: Market Orientation as an Important Factor towards Product Innovation

Abstract

The paper reviews the state of the aspects relating to business innovation in product and the process of measurement of success or failure in their performance, key elements of strategic reflection. It analyzes various theoretical conceptualizations of market orientation, the determinant factors of different market orientation level exhibited by companies and the positive consequences derived from an optic of this nature. There is also a brief consideration of the knowledge economy. We learned those factors that have led to the development of the knowledge economy and the effects that the usage of intangible knowledge company obtains. Marketing and innovation are the cornerstones of the business strategy of market-oriented organizations.