Product and Market Orientation
Marketing is the "management process involved in identifying, anticipating and satisfying consumer requirements. Companies all over the world use different forms of marketing to reach their objectives, whether it's to generate profit or to raise awareness for their cause. There are two forms of marketing, product orientation and market orientation.
Product orientation is inward looking, and companies who tend to be more product oriented focus on "Research and Development" to create new and unique products. These companies feel that they know what customers want before the customers do.
Market orientation is outward looking and companies who are more market oriented spend more money on market research to make what the market wants/needs. They want to make sure they make what they can sell.
Product orientation is inward looking, and companies who tend to be more product oriented focus on "Research and Development" to create new and unique products. These companies feel that they know what customers want before the customers do.
Market orientation is outward looking and companies who are more market oriented spend more money on market research to make what the market wants/needs. They want to make sure they make what they can sell.