Product and market orientation

  • Created by: noe
  • Created on: 08-09-20 19:18
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    • 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.
    • 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


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