Did you know?
Did you know that there are two primary orientations followed by businesses when it comes to guiding their strategies - production orientation and marketing orientation? In a production orientation, a company focuses more on manufacturing and improving the efficiency of its products or services. This approach assumes that customers will prefer products that are widely available and affordable. For example, a local bakery might emphasize producing a large variety of bread at affordable prices, assuming that customers will be more attracted to options and low cost.
On the other hand, a marketing orientation prioritizes understanding and meeting customer needs and desires. Companies with this approach conduct extensive market research to identify customer demands and preferences, allowing them to tailor products or services accordingly. An example of marketing orientation can be seen in a local smartphone company that invests in market research to identify consumer preferences and then designs and advertises its products accordingly.
Understanding the distinction between production orientation and marketing orientation helps businesses develop effective strategies to meet customer demands and achieve business success.
