Flashcards in Marketing- Orientation Deck (8)
Describe the process of how a market led approach is carried out
Research the market
Produce the product
Sell the product
Where is market led approach common?
In highly competitive markets.
Supermarkets are commonly market led
What is a market led product?
They are based on the business going out and finding what consumers are looking for.
They will look at possible innovations in its products and ask consumers what they think
It needs to make its products stand out from the competition
What are 3 main features of market led approach?
The focus is on customer wants and producing a product to satisfy them
A lot of market research is carried out before production starts
A market led approach is more able to meet and respond to consumer changes in fashion or tastes
Describe how the process of a product led approach is carried out?
Generate an idea
Make the product
Try to sell it
Where is product led approach common?
Drug companies are often product led
What is a product led product?
When an organisation produces a product first and then tries to sell it to customers
This is more risky for producers