An asset-led business focuses on using its core competencies in human, physical, and intangible assets to develop new products and services, leveraging strengths like its physical assets, distribution network, manufacturing base, brand name, and personnel expertise. A market-led business prioritizes customer needs above all else based on market research, ensuring customer service, new products, and flexibility meet evolving consumer demands even at some cost to the business. Both approaches emphasize building strong relationships with suppliers and deep customer knowledge to respond to customers' needs.