product and market orientation

What is market orientation?

• focusing on innovation and creativity

• focusing on promotional techniques

• focusing on customer's needs and wants

• focusing on what the market offers

What is product orientation?

• focusing on the future tastes of consumers

• focusing on the wants of the market

• focusing on what products are in trend

• focusing on what the business is strong at

Market orientation places a greater importance on.....

• research and development

• market research

Product orientation places a greater importance on...

• research and development

• market research

Two examples of market orientation are...

• Ford

• Coca Cola

• Amazon

• Apple

Two examples of product orientation are...

• Kellogg's

• Costa

• Samsung

• Tesla

An advantage of product orientation is...

• predicts future trends

• builds brand loyalty

• responds to customer's needs and wants

• very cheap

A disadvantage of product orientation is...

• discourages innovatinon

• expensive

• customer may not be interested in the product

• customers may not trust product if it's not an established brand

An advantage of market orientation is...

• it responds to customer's needs and wants

• focuses on the business' strengths

• allows more innovation

• time efficient

A disadvantage of market orientation is...

• it is expensive

• it does not cater to trends

• it responds poorly to change

• it ignores needs of the market