2. Advantages of Market Orientation

Pros- Loyalty towards old customers, customers are always satisfied, investments in research and developments for the customers.
Cons- purely a reactive strategy, does not account for new tech and innovations, the market is never constant.

4. Sales Orientation

An organization following the sales orientation approach will focus all of its resources and skills on selling the product to its customers. Obviously customers are given priority in terms of selling of the products but not in terms of considering their demands and needs. 
The main aim is to sell the product. All the final products are handed to the sales and marketing team to find the potential buyers for them. Sometimes companies feel they are not selling enough products so they switch to the sales orientation technique and adapt all the techniques that will help them sell more. 
Selling more means more profit margin. But one thing that companies should consider is the way they sell the products to the customers and ignore their demands will not work out in the long run. 
Soon customers will feel that they are not getting what they want and they will switch to next. But it is not the case for every industry type. Some industries have been very successful after using this approach.
Pros- High sales, short term profit margins very high
Cons- Not good for long run, high cost on sales techniques, customer needs are risked

5. Product Orientation

Companies often confuse product marketing orientation with production marketing orientation. But in fact, both are completely opposites. The main aim of this approach is to ensure that products are continuously improved and innovations are being done to make it more attractive than the competitor products. 
The main area of focus of production orientation was price and product orientation. This is the biggest point of difference between both. It focuses on the quality of product and not selling cheapest goods to the customer. 
All the superior and premium product companies follow the product orientation approach. But by focusing on the product it is not a guarantee that the company will consider the demands and needs of the customers. 
Therefore, selling the product under this orientation approach is a big challenge. Finding the perfect niche can be difficult.