market vs product led

Question 1

characteristics of a market led business

Answer 1

-develops products based on customer wants
-high levels of market research carried out to determine customer wants
-market-led businesses often exist in highly competitive markets
-the marketing mix will be responsive to changes in external factors and consumer behaviour

Question 2

characteristics of a product led business

Answer 2

-develops products it believes customers will want and encourages them to buy them
-market research is not seen as important. there are however high levels of product research and development.
-new technologies produced have little to no competition
-often the product is unresponsive to changing external factors