Challenges to Implementing Market Orientation in the Funds Management Industry

Market orientation has been extensively discussed in the literature however few studies have examined the challenges associated with adopting this orientation from both a firm and industry perspective. This study used depth interviews with senior marketing executives to examine the extent of market orientation in the funds management industry in Australia and the challenges associated with its implementation. The findings suggest that, despite the recognised need for market orientation, the industry is still primarily sales and product driven. Significant cultural and structural changes within the industry and individual firms are required before a market orientation can be achieved. External drivers, such as increased competition and the adoption of distribution channels which facilitate relationships with end consumers, may hasten the transition.