Market and Product Led Flashcards
What does market led mean
Continually identifies, reviews and analyses consumers needs.
Products are developed in response to these changing consumer needs
Consumers are central to the firm’s decision-making.
Marketing ensures that the needs of the customers are considered before production takes place….
Conduct masses amounts of market research
What does product led mean
Concentrates on the production process and the product itself, rather than trying to establish consumer wants
The business will seek to produce goods which are superior.
It will assume the product/service is the best on offer and that there is little or no competition for it
It will believe the basic idea or novelty/technological value of the product will sell it.
The company may not provide what consumers actually want and so they will lose sales and not keep up with new developments in the market.
