Knowledge Acquisition and Market Performance (A Conceptual Review)
Category : Latest Publications
KNOWLEDGE ACQUISITION AND MARKET PERFORMANCE (A CONCEPTUAL REVIEW)
Principal lecturer, Department of Business Administration, School of Commerce and Management, Bayelsa State Polytechnic Aleibiri, Bayelsa State, Nigeria.
Lecturer 11, School of Commerce and Management, Bayelsa State Polytechnic Aleibiri, Bayelsa State, Nigeria.
Lecturer 11, School of Commerce and Management, Bayelsa State Polytechnic Aleibiri, Bayelsa State, Nigeria.
Lecturer 1, School of Commerce and Management, Bayelsa State Polytechnic Aleibiri, Bayelsa State, Nigeria.
ABSTRACT
Market performance is without doubt a serious concern to organisations. Every business organization seeks to improve market performance as a means to achieving competitive advantage in the market place. Market performance is also a key indicator that reflects business performance. What customers are seeking for today are organisations that are willing to adapt their products or services to fit their strategies. The rapid technological development and the attendant increase in competition have therefore compelled organisations to shift their approach and become more customer focused. Successful firms are becoming more market driven, adapting their products and services to fit their customer strategies. This market orientation is drawn on the base of knowledge that exists in the organization. Knowledge-based is therefore the fundamental that will increasingly define the capabilities of a successful marketing firm. This study is therefore a conceptual review that examines the relationship between knowledge acquisition and market performance. The study adopted the methodology of rigorous review of related literature. Based on the survey of literature, the result of the study indicates that knowledge acquisition practices are strategic for influencing high level market performance. Knowledge acquisition has a positive impact on market channels and develops a firm’s effectiveness and responsive capability. The study concludes that knowledge acquisition is a veritable strategic tool for achieving market performance. The study therefore recommends that firms should give serious attention to improving their knowledge acquisition methods so as to enhance market performance as to remain competitive in the market place.
Key words: Knowledge acquisition, market performance, new information, new knowledge, market leadership, market share, and market diffusion.
