Enhancing Customer Value Creation With Market Culture : Developing 7Cs Framework

Market culture is a corporate business philosophy that puts the customer’s satisfaction first, while taking into account the role played by the other market factors. Market culture addresses the degree to which the customer’s values and beliefs are embedded within the organization and in its activities. Market culture consists of some combination of artifacts, values and norms, and underlying assumptions that organizational members share about their customer-centric behavior. This study focuses on market culture and identifies various elements in terms of 7Cs framework for building market culture. These 7Cs of market culture are: customer insight, competitor awareness, collaborative approach, CEO leadership, criteria for decision making, compensation strategy, and customer value. Significant steps can be taken in each of the 7Cs to strengthen an organization’s market culture. The study develops various frameworks to establish a relationship between market culture and firm valuation and also provides supporting illustrations