Market Orientation Flashcards
1
Q
What is Market Orientation?
A
This is focusing on Wants and needs through market research to develop a product
2
Q
Benefit of Market Orientation? (4)
A
- Involves focusing on Wants and Needs
- Based of Consumer Trends
- Can increase a product with high demand
- Increase Revenue and Profit to reinvest into further market research
3
Q
Drawback on Market Orientation? (7)
A
- High amounts of investment into market research
- Eg. Questionnaires etc
- To find out Wants and Needs
- However is expensive and increases outflows
- Lower net cash flow
- Reduced cash reserves leading to being unable to pay day to day bills
- Forced to sell assets and can’t operate
