Market Orientation and Product orientation

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6 Terms

1
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Market orientation

When businesses focus on designing and developing products and services that meet customer needs and wants

2
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Advantage of market orientation

Focus on customers needs and wants, undertake regular market research, develop product that market needs

3
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Disadvantage or market orientation

Costly market research, time consuming

4
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Product orientation

When businesses focus on their own key strength and the products and services they produce

5
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Advantage of product orientation

High emphasis on technical quality or safety, focus on new products and strength of business

6
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Disadvantage of product orientation

Doesn’t take in account of customer needs and wants, can be phased out due to competitors with same product who focuses on customer needs and wants