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Conceptualization of strategic market orientation and its relationship with the performance of the insurance industry in Iran

Document Type : Original Research Paper

Author

Department of Management, Imam Reza International University (AS), Mashhad, Razavi Khorasan, Iran

Abstract

Objective: It is very important to know the dimensions of strategic market orientation in industries where the intensity of competition is high and customers have different and diverse needs and demands. Obtaining market information and knowledge and responding based on it is the existential philosophy of market orientation. The main goal of this research is to conceptualize strategic market orientation and its relationship with performance in Iran's insurance industry.
Methodology: This research is applied and of descriptive survey type. The statistical population of the research consists of the managers of 16,681 public and private insurance agencies in the provinces of Tehran, Khorasan Razavi, Isfahan, Fars, East Azerbaijan and Khuzestan, from which a sample of 300 was selected using the limited population sampling formula and stratified random sampling method. The representative has been selected. The data obtained from the questionnaires were analyzed through structural equation modeling using AMOS18 software in order to test the research hypotheses. The validity of the questionnaire was confirmed through content and construct validity and its reliability with Cronbach's alpha coefficient.
Findings: The results of the research show that strategic market orientation has a positive and significant effect on the financial and non-financial performance of Iran's insurance industry; The mediating role of non-financial performance in the relationship between market orientation and financial performance was also confirmed.
Conclusion: Collecting and analyzing information related to customers and competitors and then designing a market-oriented strategy in accordance with environmental opportunities and threats in order to respond to them and providing process, system and behavioral infrastructure to implement this strategy directly, financial indicators and Improves non-financial in Iran's insurance industry.

Keywords

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Iranian Journal of Insurance Research
Volume 9, Issue 1 - Serial Number 31
January 2020
Pages 38-54
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History
  • Receive Date: 03 April 2020
  • Revise Date: 14 July 2020
  • Accept Date: 03 October 2020
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