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Revolutionize Your Studying with the [Introduction to Business, OpenStax] 2023-2024 Test Bank
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Entrepreneurship Research Study
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SUBJECT: INTRODUCTION TO BUSINESSQUESTION 1:
Explain the stages of business evolution from supply oriented business to demand
oriented business.
ANS:
BUSINESS EVOLUTION
Evolution of business means its origin, growth, and continuous development with expansion in various sectors, that
contribute and run economic .The business evolution went through many progressive stages or so called
development steps.
STAGES OF BUSINESS EVOLUTION
1 PRODUCTION ORIENTED
2 PRODUCT ORIENTED
3 SALES ORIENTED
, 4 MARKET
5 SOCIETAL MARKETING
SUPPLY ORIENTED BUSINESS:
SUPPLY → DEMAND
PRODUCTION
PRODUCT
SALES
DEMAND ORIENTED BUSINESS:
SUPPLY → DEMAND
MARKET
SOCIETAL MARKET
PRODUCTION ORIENTED:
“Build a better mouse trap, and the world will beat a path to your door” is a saying from a simpler time
when consumer did not have all the buying choices or communication channels that they have today.A
company that adopts this “better mousetrap”business philosphy is said to follow a production
orientation.
A production concept is a belief that states that the customers would always acquire products which are
cheaper and more readily available
EXAMPLES:
Production orientation companies are GILLETE,which focuses on producing the best disposablerazor
blade in the world.
Another example is of HERO MOTOCORP.
PRODUCT ORIENTED:
Product oriented is defined as the orientation of the company’s sole focus on products alone.
Hence, a product oriented company put in maximum effort on producing quality product and
fixing them at the right price so that consumer differentiates the company’s products and
purchase it.
EXAMPLES:
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