Product and market orientation
- Created by: noe
- Created on: 08-09-20 19:18
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- PRODUCT+ MARKET ORIENTATION
- Product orientated: when a business focuses on the production process of the product itself.
- However, because of increased competition some have to take consumers' needs into account
- Machine-tool industry
- Market orientated: a business continually identifies, reviews and analyses consumers' needs.
- BENEFITS
- Can anticipate and respond quicker to market changes
- Stronger position to meet the challenge of a new competitor
- More confident that the launch of product will be a success
- Businesses must design the right product, set the rights price and let the consumer know the product is available.
- BENEFITS
- Business decide which orientation to choose depending on:
- Nature of the product
- Policy decisions (business objectives)
- Views of those in control
- Nature and size of market
- Degree of competition
- Product orientated: when a business focuses on the production process of the product itself.
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