Market orientation and product orientation

Question 1

What is market orientation ?

Answer 1

an outward-looking approach basing
product decisions on consumer demand, as established by
market research

Question 2

What is product orientation?

Answer 2

an inward-looking approach
that focuses on making products that can be made –
or have been made for a long time – and then trying
to sell them

Question 3

What is asset lead marketing?

Answer 3

an approach to marketing that bases strategy on the firm’s existing strengths and assets
instead of purely on what the customer wants.

Question 4

What is societal marketing?

Answer 4

this approach considers not only the
demands of consumers but also the effects on all members
of the public (society) involved in some way when firms
meet these demands

Question 5

Pros of market orientation?

Answer 5

Less chances of products failing since the approach is reliant on market research
Products have a longer life in terms of being popular

Question 6

Cons of market orientation?

Answer 6

Market research must constantly done and products must be changed in accordance to changes in needs.

Question 7

Pros of product orientation?

Answer 7

Less costs as you dont spend money on market research and possibly in marketing

Question 8

Cons of product orientation

Answer 8

The belief there will always be a market isn’t true for a majority of firms. Exceptions are safety companies who’s high quality products will always be bough.

Question 9

Pros of asset led marketing

Answer 9

Expanding is safer then trying to expand into markets firms are unsure of
Can lead to higher quality products since their a limited range of products

Question 10

Cons of asset led marketing

Answer 10

Is not flexible to consumer trend changes

Question 11

Pros of societal marketing?

Answer 11

Competitive edge

Better reputation

Question 12

Cons of societal marketing?

Answer 12

Can be expensive in the short term as ethical products can be expensive