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Questions and Answers
What is the primary assumption underlying a product orientation approach?
What is the primary assumption underlying a product orientation approach?
- There is a market for high-quality products (correct)
- Consumers will always purchase innovative products
- Marketing research is essential for product development
- Technical innovation is driven by consumer needs
Which industry is often associated with a product orientation approach?
Which industry is often associated with a product orientation approach?
- Pharmaceutical (correct)
- Food and Beverage
- Fashion
- Automotive
What is the primary driver of a product orientation approach?
What is the primary driver of a product orientation approach?
- Consumer needs
- Technical innovation (correct)
- Market research
- Competitor analysis
What is the main difference between a product orientation and market orientation approach?
What is the main difference between a product orientation and market orientation approach?
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What is the primary benefit of a market orientation approach?
What is the primary benefit of a market orientation approach?
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What is the reality of most organisations in terms of their marketing approach?
What is the reality of most organisations in terms of their marketing approach?
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Study Notes
Product Orientation
- Focuses on making the best product possible, emphasizing its features throughout the marketing process
- Assumes there will always be a market for high-quality products
- Driven by technical innovation, rather than consumer needs
- Examples: pharmaceutical and electronics industries
Market Orientation
- Focuses on identifying and satisfying consumer needs through market research and analysis
- Uses data to capture market and consumer behaviours and trends
- Results in activity and decisions based on customer needs and wants, rather than business assumptions
- Enabled by the accessibility and availability of data
Comparison and Balance
- Product and market orientation are two distinct approaches to marketing
- Most organisations adopt a balanced approach, using both product and market orientation depending on the situation
- Examples: using product orientation during initial stages of creating a new product, and market orientation when refining the product to meet customer needs
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