Market orientation: A market orientated or market led firm is one that bases its decisions on the customers needs and wants
Product orientation: A firm bases its planning on its own requirements
Asset-led marketing: A firm bases its planning on customer needs and wants and on its own strengths
Adding value: The value of something depends on its price in relation to benefits. If the price is low compared with the benefits, it is good value.
Thursday 15 December 2011
What considerations does a business have before they enter a new market?
a business entering a new market would have to consider the following issues:
- legislation
- start up costs
- competition
- establishment
- whether the market is in growth or decline
- investment
- risk
- the demands of the target market
- experience
- running costs
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