Product, market and asset lead marketing

A product orientated firm, focuses on the product itself for example it may look at what is easiest to produce rather than customers needs.

Advantages of product orientation:

• Quality should be assured.
• The product is consistent (any changes are progressive).
• Future activities are more predictable.

Disadvantages of product orientation:

• Don't respond well to change.
• Fashions and tastes are not catered for.
• Needs of the market are ignored.

A market orientated firm is one which concentrates on its market and continually identifies, reviews and analyses consumers needs e.g. the business will make the product available in quantities best suited to the consumer.

Advantages of market orientation:

• Firm will respond better to changes in market.
• Firm will understand customers' requirements better.
• New products should be more successful for the company.

Disadvantages of market orientation:

• Market research is expensive.
• The future is unpredictable.

Asset led marketing takes the best from both product and market orientation. It doesn't only make decisions based on consumer needs but also product strengths. It uses the product name and brand image as a strength to market both new and existing products.