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Business Studies IGCSEPDF 97
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Type
Market-Ori
ented
Business
Product-Or
iented
Business
Description
● Understanding consumers
● Anticipating trends
● Creating long-term relationships
● Staying competitive and profitable
These
businesses
first
create a product and then
attempt to find a market for
it. They emphasize product
quality,
design,
and
production efficiency.
Focus
These businesses begin by
researching consumer needs wants,
Customer
and preferences before
designing and producing a
product to meet those
demands.
preferences,
and
market
conditions.
Examples
Mobile phone
manufacturers, fashion
brands, or software
companies.
Product itself — Companies producing
quality,
innovation, and
price.
durable goods like
refrigerators,
computers, or
household appliances.
3.2 Market Research
Definition of Market Research
Types of Business Orientation