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Market vs Product Orientation - Coggle Diagram
Market vs Product Orientation
Product Orientation
Pros :
better and cheaper market research
reduced risk
creative, innovative, stand out from others, less competitive
specialized, concentrate on producing higher quality products/services
Cons
Higher risk due to the ever changing market trends and demand.
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
Market Orientation
Cons
costly market research
Overly common
Unoriginal
Competitive as there is no guarantee your product/service will stand out from others
Pros
Opening up to new business opportunities
great flexibility and adaptability to the ever changing market trends/demand.
lower risk as you know the demands of consumers.
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