Difference between product and market focused organization
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market-focused business looks outside the company for the input and data necessary to make strategic and tactical decisions. Market focus means understanding your customers. It means knowing your competitors, and anticipating their next strategy or tactic. Market focus means knowing the overall dynamics and forces in the marketplace, and understanding how those forces might impact the business.
A product-focused business looks at their offerings, and strives to continually improve them. There is a zeal to make a product or service better, and the strategy of the business revolves around differentiation tied to product superiority.
A product-focused business looks at their offerings, and strives to continually improve them. There is a zeal to make a product or service better, and the strategy of the business revolves around differentiation tied to product superiority.
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market orientated company is one that organises its activities, products and services around the wants and needs of its customers. By contrast, a product-orientated firm has its primary focus on its product and on the skills, knowledge and systems that support that product.
Until the late 20th century many firms were product-orientated and failed to understand the changing needs of their customers in an increasingly competitive marketplace. A major swing towards market-orientation has led to intensified marker research and product ranges carefully designed to fir customer preferences.
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Until the late 20th century many firms were product-orientated and failed to understand the changing needs of their customers in an increasingly competitive marketplace. A major swing towards market-orientation has led to intensified marker research and product ranges carefully designed to fir customer preferences.
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