What does it mean when a business is product orientated and market orientated?
A product-oriented business is a business whose primary function is to sell goods and mrechandise to customers. Their research and development money is geared towards creating new products. A market-oriented business is a business whose primary function is also to sell goods and merchandise but they are much more oriented towards what the market will buy and what the market will pay for it. A market-oriented company will change it’s pricing much more often to match what the market will bear and will introduce new products only when the market demands it or they see a market where they could make more money. A product-oriented business focuses more on the products than on what they can sell them for. Hope that helps!
