BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The product is the most important factor when providing products for the market, the business has a sensitivity to customers requirements
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The consumer is the least important factor when providing products for the market, the business has a sensitivity to customers requirements
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The consumer is the most important factor when providing products for the market, the business has a sensitivity to product requirements
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The consumer is the most important factor when providing products for the market, the business has a sensitivity to customers requirements
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Detailed explanation-1: -Market orientation is a business philosophy where the focus is on identifying customer needs or wants and meeting them. When a company has a market orientation approach, it focuses on designing and selling goods and services that satisfy customer needs in order to be profitable.
Detailed explanation-2: -Customer orientation is a business approach that puts the needs of the customer over the needs of the business. Customer-oriented companies understand that the business won’t thrive unless it consistently improves customer focus. It’s a way of thinking that aligns your business goals with your customers’ goals.
Detailed explanation-3: -Product orientation is a culture of product quality and rate setting, whereas market orientation is a business culture. Using the product orientation strategy, a company attempts to create high-quality items that appeal to customers.
Detailed explanation-4: -Narver and Slater (1990) created this definition of market orientation: “Market orientation consists of three behavioral components – customer orientation, competitor orientation and interfunctional coordination – and two decision criteria – long-term focus and profitability.”