10B: Product & Market Orientation

Question 1

Define product orientation

Answer 1

• When the business puts most of its effort into making a product which they believe consumers will want

• there is only contact with the customer at the final stage (when they sellit)
• often works when their are only a few rivals
• little promotional spending

Question 2

Define market orientation

Answer 2

Where the product is developed in response to customer needs through lots of market research

Question 3

What are some advantages of market orientated businesses
( compared with product orientation)

Answer 3

• Can respond more quickly to changes in the market

• more confident in the launch of a new products success

Question 4

Define asset led marketing

Answer 4

When businesses use their strengths and resources to develop products that meet customer needs.