When a Firm Is "Consumer -Oriented" or "Market-Driven," It Follows

question 50

True/False

When a firm is "consumer -oriented" or "market-driven," it follows the marketing concept business philosophy.

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Definitions:

Net Promoter Score

A metric used to gauge the loyalty of a firm's customer relationships, based on how likely customers are to recommend the company's product or service to others.

Customer Lifetime Value

The total worth to a business of a customer over the whole period of their relationship, an important metric in assessing how much a company should spend to retain a customer.

Brand Community

A specialized, non-geographically bound community, based on a structured set of social relations among admirers of a brand.

Reference Group

A social group that serves as a point of reference for individuals in forming attitudes, beliefs, or behaviors.