Final answer:
Market orientation is a company-wide consumer orientation aimed at understanding and satisfying customer needs to achieve long-term success. It differentiates itself from market segmentation, diversification, and cost leadership by placing consumers at the core of all strategies.
Step-by-step explanation:
Market orientation is a company-wide consumer orientation with the objective of achieving long-term success. Market orientation involves the organization's commitment to understanding and meeting the needs of its customers. By placing the customer's desires and needs at the forefront of all decision-making, companies that employ a market orientation strategy aim to build a sustainable competitive advantage in their industry.
This contrasts with market segmentation, which involves dividing the broader market into smaller segments of consumers with specific needs or preferences, and diversification, which is a growth strategy where a company expands into new areas or markets. Cost leadership refers to achieving a competitive advantage by being the lowest cost producer in an industry, rather than by focusing directly on the consumer's needs.