MANAGEMENT

Detailed explanation-1: -Product-oriented companies are tech-savvy. They can innovate with new technologies to address customer needs-even if they are unknown-and generate market demand. The primary goal is to delight the customer with a high-quality product that caters to their needs better than those offered by competitors.

Detailed explanation-2: -Where the business develops products based on what it is good at making or doing, rather than what a customer wants.

Detailed explanation-3: -Examples of product-oriented companies Some examples of mostly product-oriented companies include: Apple – a company famous for envisioning products before consumers knew they needed them. Apple relies on quality and innovation to enter new markets and create demand with products such as the iPod, iPhone, and iPad.

Detailed explanation-4: -A product-centric company focuses its attention on the product regardless of the customers and demand in the market. A customer-centric company puts the customers at the core of every strategy and focuses on creating solutions that satisfy its users’ needs.