Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products and services. It involves researching and understanding target markets, developing marketing strategies and campaigns, and tracking and analyzing the effectiveness of marketing efforts.
A marketing-oriented business is one that focuses on understanding and meeting the needs and wants of its target customers. These businesses prioritize marketing and use it to drive their overall business strategy. They conduct market research to understand their customers and create products and services that meet their needs, and they use marketing campaigns to effectively promote and sell these products and services.
On the other hand, a product-oriented business is one that focuses on creating and producing products and is less concerned with marketing and customer needs. These businesses may prioritize product development and production over marketing and may not invest as much in understanding and meeting customer needs.
Both marketing-oriented and product-oriented businesses can be successful, but a marketing-oriented approach tends to be more customer-centric and can lead to long-term sustainability by ensuring that products and services meet the needs and wants of target customers. By contrast, a product-oriented approach may be more focused on short-term goals and may not be as responsive to changing customer needs and preferences.
See also: marketing mix