Market Orientation and Business Performance: a Study of Interrelationships and Effects in a Small sized Hotels within Lagos State Metropolis

Ladipo, P.K.A. and Rahim, A. G. and Omotoyinbo, Charles A. and Okikiola, I. Olatunji (2016) Market Orientation and Business Performance: a Study of Interrelationships and Effects in a Small sized Hotels within Lagos State Metropolis. Academic Journal of Economic Studies, 2 (4). pp. 98-119. ISSN 2457-5836

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Abstract

The relationship between market orientation and business performance has been a subject of debate in marketing literature. To date, there is no consensus opinion and empirical study in the context of small sized-hotels in Nigeria is scanty. This study examines the relationship between market orientation and business performance. Cross-sectional survey research design was adopted. Questionnaire was used to obtained data from 300 employees of the selected hotels within Lagos metropolis. Data collected were analyzed using correlation and regression analysis. The results suggest that only customer orientation is significantly contributing to the performance of the small sized hotel operators.Specifically, both competitor orientation and inter-functional coordination, though practiced by the hotels are not significantly linked to its performance. Furthermore, the study discovered that market orientation practices significantly influence business performance of the selected hotels. Based on the findings, the study concludes that hotel operators need market orientation practices to enhance their performance. Hence, market orientation will continue to be a vital strategy not only in improving firm’s understanding of customers’ and competitors, but to enhance synergy across the organization. From the preceding conclusion, the study recommends that hotel operators should commit substantial resources and effort in cultivating a customer oriented culture, and transmit it across the organization to create strategic alignment. Furthermore, the competitive environment should be closely monitored to identify profitable business opportunity and threats that could affect their growth and sustainability.

Item Type:	Article
Uncontrolled Keywords:	Market orientation, customer orientation, competitor orientation, inter-functional coordination, business performance, small sized hotel, competitive advantage
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Hannah Akinwumi
Date Deposited:	28 Mar 2018 08:14
Last Modified:	28 Mar 2018 08:14
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/10523

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