Marketing
Market-oriented approach:
Advantages:
This approach enables business to have confidence in selling their product and review
the chance of failure
Enable’s businesses to respond more quickly to market changes
Those who use the approach can respond better to competitors, new strategies, and
enhance their communication with the customers
Limitations:
Market research can be costly, cost time and money
Businesses who choose this approach cannot satisfy all the consumers’ needs which
might lead to some consumers’ dissatisfaction
New changes in the market will decrease the importance of the market research
Product-oriented approach:
Advantages:
Businesses who use this approach produce high quality products and meet all
customers’ expectations
They enable businesses to have a good reputation and brand image in the market
The business can control the consumers taste
Limitations:
Businesses ignore the market needs, which might increase the risk of failure
Conducting research and development is costly, in terms of time and money, and may
not lead to promising results
