Term

Market Orientation

Definition

An approach to marketing that bases its decisions on customers needs. Carries out market research to create its product.

Term

Market Orientation (Advantaged/Disadvantages)

Definition

Advantages: - business have an increased confidence that products will sell well - a business can respond a lot quicker to changes in the market - can challenge new competitors Disadvantages: - can be expensive to carry out market research - can be time consuming - changes in customers needs/wants frequently, hard to meet everyones needs

Term

Product Orientation

Definition

An approach to marketing that focuses on what it can produce and hopes the customers will like it. Innovative products that can tempt consumers