Marketing Flashcards

1
Q

what is marketing

A

Marketing is the management process involved in identifying, anticipating, and satisfying consumer requirements.

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2
Q

what is product orientation

A

A marketing approach where a business focuses on its internal strengths rather than customer needs.

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3
Q

what is market orientation

A

A marketing strategy that bases decisions on customer needs and market trends.

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4
Q

What is asset-led marketing?

A
  • It’s a mix of product-oriented and market-oriented approaches.
  • Asset-led marketing is a strategy that uses a business’s existing strengths (assets)—such as brand reputation, skilled workforce, or product quality—while also considering customer needs.
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5
Q

what are the benefits of market-orientated

A
  • customers get greater satisfaction
  • customer focus means the business will continue to improve and upgrade products/respond to changes
  • satisfaction leads to repeat purchases and brand loyalty
  • less susceptible to competition
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6
Q

negatives of market-orientated

A
  • high-cost market research to understand the market
    ☒ Constant internal change as the needs of the market are met
    ☒ unpredictability of the future, especially from the point of view of staff
    ☒ abandonment of earlier product investment.
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7
Q

positives of product orientated marketing

A
  • increase economies of scale
    ☑ focus on product development
    ☑ focus on quality.
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8
Q

negatives of product orientated marketing

A

Missed Market Opportunities
High Production Costs
Reduced Adaptability
Increased Risk of Obsolescence

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