Planned Approach vs. Market Approach: What’s the Difference?

The main difference between Planned Approach and Market Approach is that one focuses on following a set plan, while the other adjusts based on what customers want.

Before we move to more differences, let’s first understand Planned Approach and Market Approach:

  • Planned Approach: When you have a plan for doing something and you know the steps you need to take to reach your goal, that’s a planned approach. It’s like having a map to follow so you don’t get lost along the way.
  • Market Approach: A market approach is about looking at what other people are doing in a similar situation. It’s like checking out what your friends are buying before you decide what to get. By understanding what’s popular or works well, you can make smarter choices.

Now, let’s get to Planned Approach vs Market Approach:

Major differences between Planned Approach and Market Approach

Planned Approach Market Approach
Planned Approach involves setting specific goals and strategies beforehand. Market Approach adapts to changes based on customer feedback and market trends.
Planned Approach relies on predetermined plans and actions. Market Approach is flexible and adjusts according to real-time demands.
In the Planned Approach, decisions are made internally without direct customer involvement. In Market Approach, customer preferences and feedback play a crucial role.
Planned Approach focuses on executing preconceived strategies. Market Approach emphasizes understanding and meeting customer needs.
Planned Approach may not always align with market shifts. Market Approach is agile and responsive to market fluctuations.

So, these are the main differences between the entities.

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