Business – 3.1 The nature of marketing – Markets | e-Consult

3.1 The nature of marketing – Markets (1 questions)

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Answer:

Orientation

Advantages

Disadvantages

Product‑oriented

Faster development cycles when technology is the core competence.

Lower marketing costs in the early stage.

Strong brand reputation for innovation.

High risk of mis‑reading market demand.

Potential for excess inventory or unsold products.

Limited customer loyalty if needs are not met.

Market‑oriented

Products are tailored to verified customer needs, increasing sales potential.

Better long‑term customer relationships and repeat business.

Flexibility to adapt to changing market trends.

Higher upfront costs for market research and segmentation.

Longer time to market due to iterative design based on feedback.

Risk of over‑customisation, diluting core technological advantage.