IBDP Business 4.1
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16 Terms
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Market Orientation
approach that heavily relies on market research
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Focus of Market orientation
outside of the organisation, the market
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Advantage of market orientation
can respond quickly to needs and wants
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Disadvantage of market research
can be expensive and time consuming because research isn’t free
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Product orientation
approach that relies heavily on innovation and impressing customers
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Focus of product orientation
on the organisation and its products
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Advantages of product orientation
if successful, you have almost no competition
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Disadvantages of product orientation
High risk, time consuming and expensive because of innovation and R&D
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Market size
total sales in the entire industry by value or volume
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Market share
A firm’s percentage share of total sales in the industry by value or volume
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Market power
the amount of market share a firm has
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Market growth
percentage of the customer number increase of the entire industry relative to market size by volume or value
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Market leader
the firm with the highest market share in the industry
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Advantages of having more market share
economies of scale can occur, and increase brand image
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Disadvantages of having more market share
doesn’t equal profitability, because balancing customer satisfaction and profit is difficult
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Market leader needs
High input in promotion or innovation
Note 
Flashcards (156)