Product and Market Orientation - 1.1.2
Market Research - the gathering and analysis of research from customers - their attitudes, behaviour and wants - in relation to a product or service. This may help support the implementation of a marketing strategy Marketing - the way a company interacts with current and potential customers. You can think of it as the communication arm of a business - gathering information from and sending out messages to customers. Product orientation - where a business focuses primarlily on creating and developing a high-quality good or service - but perhaps ignoring customer preferences and priorities. Market Orientation - where a business chooses to design a product or service to meet the requirements of customer preferences/desires. Market research is critical to the success of a market-orientated business as itallows the business to find out customer's tastes and priorities. Market Research Businesses often complete market research before entering a new market and at various...