Market vs Product Orientation
Product Orientation
Market Orientation
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Cons
Pros
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Pros :
Cons
costly market research
- Opening up to new business opportunities
great flexibility and adaptability to the ever changing market trends/demand.
Competitive as there is no guarantee your product/service will stand out from others
better and cheaper market research
reduced risk
- Overly common
- Unoriginal
lower risk as you know the demands of consumers.
Higher risk due to the ever changing market trends and demand.
creative, innovative, stand out from others, less competitive
If you don't have an established reputation, customers may not trust you to deliver the goods.
- Not many people would be interested in the new product
specialized, concentrate on producing higher quality products/services
Conclusion
Market Orientation
- Higher sales compared to product orientation
- Lower risks
- More efficient
- Better long term benefits
- Greater demands from the market
- Increases customer satisfaction
- Easier to advertise to the public