MANAGEMENT

Detailed explanation-1: -A product-oriented business is one whose main focus of activity is on the product itself. A market-oriented business is one which carries out market research to find out consumer wants before a product is developed and produced.

Detailed explanation-2: -A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.

Detailed explanation-3: -Examples of business products include raw materials, equipment, supplies, business services, and software.

Detailed explanation-4: -The three most common types of target marketing fall into demographic, geographic, or psychographic categories.

Detailed explanation-5: -Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them.