BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market orientation is a marketing strategy that involves
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Developing products based on an organization’s production capabilities
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Primary research to find out about customers’ wants and needs
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Producing goods that are innovative to meet the needs of the market
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Researching consumers’ needs in order to develop new products
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Explanation:
Detailed explanation-1: -Market orientation is a strategic focus on identifying consumer needs and desires in order to define new products to be developed. Established businesses like Amazon and Coca-Cola use market orientation principles to improve or expand their products or services.
Detailed explanation-2: -Marketing orientation is one of the basic concepts of any company’s marketing strategy. It’s defined as the methodology that seeks to satisfy the needs of the target audience without neglecting the other actors in the market.
Detailed explanation-3: -There are 4 main stages that make up the marketing orientation process. These stages are-Initiation, Reconstitution, Institutionalization and lastly Maintenance.
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