Which business approach focuses on listening to consumer wants and producing accordingly?

The market-oriented approach is centered on understanding and responding to the needs and desires of consumers. This strategy places significant emphasis on gathering and analyzing consumer feedback and market research to inform production decisions. By listening to what consumers want, businesses can tailor their products and services to fit these demands, thereby increasing customer satisfaction and loyalty.

In a market-oriented business, the goal is to align offerings with consumer preferences, which often involves adapting to changing trends, tastes, and behaviors. This alignment helps companies to create value for customers and gain a competitive advantage in the marketplace. As a result, successful market-oriented businesses are typically more agile and responsive to consumer feedback compared to those that rely solely on a product-oriented approach, which focuses primarily on the features and quality of the product rather than the consumer's priorities.