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unit four business

QuestionAnswer
Market orientation An approach to marketing that bases its decisions on customers needs. It is outward looking and carries out market research to create its products or services, that meet customer demands.
Advantages of market orientation Increased confidence that product will sell, can respond quicker to changes in the market, can challenge new competitors with consumer feedback
Disadvantages of market orientation Market research can be expensive, consumers needs and wants change frequently, can be time consuming
Created by: jayrizz
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