1.1 Product Vs Market Research Flashcards
1
Q
What is product orientation?
A
Focusing on the production process and the product itself
Puts most of its effort into creating new products they think consumers will want
Most common with technology advanced products.
2
Q
Examples of product orientation:
A
The tech industry -> Cars, Phones, Medicine
3
Q
What is market orientation?
A
The key focus is on the market, identifying customer wants and needs in order to adapt, reducing (but not eliminating) the risk of product development.
4
Q
Examples of market orientation?
A
Coca Cola and Cadbury as they have asked consumers directly what flavors they want.
