3. Market positioning

Question 1

PRODUCT ORIENTTATION

Answer 1

An approach to business in which the business focuses on the production process and the product itself. It puts most of its effort into developing and making products that it believes consumers want and which will sell well.

Question 2

Market orientation

Answer 2

A business approach in which the business identifies, reviews and analyses consumers’ needs and places these at the centre of the decision making process.

Question 3

ADVANTAGES OF MARKET ORIENTATION

Answer 3

1. It can respond quickly to changes in the market because of its use of market information
2. it will be in a stronger position to meet the challenge of new competition entering the market
3. it will be more confident that the launch of a new product will be a success

Question 4

What is the marketing mix

Answer 4

The business must produce the right product at the right price and in the right place, and it must let the consumer know that it is available.