Market-Scanning Capability - A Scale to Measure Firms’ Ability to Sense or Respond to the Changes in the Marketplace

A new construct called market-scanning capability has been conceptualized that captures firms’ capability to sense or to respond to the changes in the marketplace. The second-order reflective construct was found to have four first-order components that are named as CustInfo (i.e., collection of information about customers), CmpInfo (i.e., information regarding competitiveness), MktResp (i.e., responsiveness to collected market-related information) and Coord (i.e., coordination among different business units of the firm). The first-order components of market-scanning capability construct provide a theoretical understanding useful to the practitioners who want to design the business processes to revamp the market-scanning capability of their organizations.