Summary
Summary Activity 4.1.2 Answers
- Course
- Institution
- Book
Activity 4.1.2 Answers for IBM Textbook with ISBN 4
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Case BAM Business Management for the IB Diploma Coursebook
-
IB business management, 2.4 Motivation
-
Summaries for Business Management for the IB Diploma Coursebook SL/HL
Seller
Follow
marcellacarlaarifin
Content preview
Activity 4.1.2 – The Classic Watch Company1. Define the term “market oriented”.
Market-oriented is an approach when a company focuses on designing its products
and services to satisfy customers’ needs so as to make profit.
2. Outline why the Classic Watch Company seems to have a product-oriented
approach to marketing.
Classic Watch Company offers products that are not based on the customers’ needs
but more keeping their products as their original design, which is “simple, robust
design and good value.”
3. Explain two problems the Classic Watch Company faces by using a product-
oriented approach to marketing.
One problem the company could face when using a product-oriented approach to
marketing would be having a more difficult time to attract consumers as they do not
prioritize on satisfying the customers’ needs. This can be seen as a problem as less
customers would mean less sales and profit, risking the financial status of the
company.
Another problem would be its flexibility to change and accept suggestions from
customers. As a company that focuses on producing products based on the values of
the company than prioritizing the customers, Classic Watch Company may have
some difficulties adapting to the changing market. This is because they are used to
creating products that they think are best, whereas the constantly changing market
always readjust the trends and taste of the consumers.
4. Analyze two changes the Classic Watch Company would need to make to become a
market-oriented business.
One way in which Classic Watch Company could do to become a market-oriented
business is to conduct market research or surveys to identify and get an idea of the
consumers’ taste or needs. By doing this, they can understand the customers more
and their behavior. Secondly, Classic Watch Company should design their products
based on the result obtained for conducting the market research or survey. Though
the product may not be desirable to the internal stakeholders, as long as it aligns
with the market research result, it should be able to satisfy the customers.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller marcellacarlaarifin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R140,78. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now