4.1 - Introduction to marketing Flashcards
What are the two types of marketing approaches?
Market orientation and product orientation.
What does market orientation rely on?
Relies on market research
What is the main question that that market orientation asks?
“What to sell?”
Is marketing orientation inward or outward?
Outward
What are the advantages of market orientation?
Quick response to needs and wants.
What are the disadvantages of market orientation?
Expensive and time consuming.
What are some examples of market orientation?
Coca cola. After figuring out people do not want to consume sugar they launched diet coke. After realising men do not want to consume diet coke, they launched coke zero.
What does product orientation rely on?
Reliance on innovation
What is the main question that that product orientation asks?
“What to produce?”
Is product orientation inward or outward?
Inward looking
What are the advantages of product orientation?
In case of success, minimal competition
What are the disadvantages of product orientation?
Expensive and time consuming
What are some examples of product orientation?
Iphone, an innovative and successful product.
What are factors when choosing an approach?
- Nature of the product
- Barriers of entry
What is market size?
The total sales in the industry. It can be measured by value or volume.
