1. Market and product orientation

3. Product-Orientation
Such businesses are described as being inward-looking, since they focus on selling their products, instead of making product to suit the needs and wants of their consumers. This often applies to innovative products, such as smartphone, television, automobile etc..
A good product can create its own market, since customers are enticed to buy creative and innovative products

4. Ember – Temperature control mug

5. The Tesla Model 3 is the first vehicle built on Tesla’s third-generation platform. It aims to reduce the entry price for electric vehicles while not making any compromise on range and performance. The Model 3 starts at $35,000.

6. What are the innovations of Tesla?
Do you think Model 3 will be successful? (hit-and-miss)
What do you think about the quality and the price of Tesla Model 3?

7. There are advantages and disadvantages to this approach
Main advantages
Better quality
Higher price can be charged
Disadvantage
High failure rate ( hit-and-miss - producers
are not really sure if the products will sell)

8. Market Orientation
Market orientation is a marketing approach used by businesses that are outward looking.. Market orientation focuses on the customer in order to identify, design, develop and supply products that meet their needs and wants.

9. IKEA – Play area for children

10. IKEA Parents supervised play area for children

11. There are advantages and disadvantages to this approach
Greater flexibility in response to market changes
Less risk of a failing product.
Disadvantages:
Market research can be quite expensive,
and this approach does not always guarantee success.

12. the nature of the market,
Whether a business adopts a product orientated or market orientated approach depends on several factors Their success will dependent upon
the nature of the market,
the culture of their organisation towards customers and
barriers to entry in the market.

13. Case study – 4.1.1