Market Oriented Production

Market oriented production is a production strategy that involves producing goods and services that are in high demand in the market. It is a strategy that focuses on meeting the needs of the customers rather than producing products and then finding customers for them. It involves both the demand side and supply side of the economy.

Demand Side of Economy

The demand side of the economy refers to the consumers who purchase goods and services. Market oriented production involves understanding the needs and preferences of customers and producing goods and services that are in high demand. The focus is on producing goods and services that customers want and need, rather than trying to create demand for products that may not be needed or wanted.

Supply Side of Economy

The supply side of the economy refers to the producers who supply goods and services. Market oriented production involves understanding the production capabilities of suppliers and matching them with the needs and preferences of customers. The focus is on producing goods and services that can be produced efficiently and cost-effectively while meeting the needs of customers.

Both A and B

Market oriented production involves both the demand side and supply side of the economy. This means that producers must understand the needs and preferences of customers and match them with their production capabilities. By doing this, producers can produce goods and services that are in high demand, efficient, and cost-effective.

Conclusion

Market oriented production is a production strategy that focuses on meeting the needs of customers. It involves both the demand side and supply side of the economy, and it requires producers to understand the needs and preferences of customers and match them with their production capabilities. This strategy can help producers to produce goods and services that are in high demand, efficient, and cost-effective.