After Hearing His Company Criticized for Its Failure to Respond

question 143

Multiple Choice

After hearing his company criticized for its failure to respond to consumer needs,the CEO of a bank realized that his company needs to adhere to the marketing concept and implement a market-oriented strategy.Which of the following actions would be the best approach in achieving this goal?

• A)Reorganizing the company and making marketing its most important department
• B)Hiring new salespeople to find new customers
• C)Expanding the advertising budget to make potential customers more aware of its product offerings
• D)Creating cross-functional teams and instructing them to focus on creating greater customer value
• E)Hiring a new product development manager

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Definitions:

Utility

In economics, a measure of satisfaction, usefulness or value that an individual gains from consuming goods and services.

Consumption Bundle

A combination of goods and services selected by a consumer for personal use.

T-Shirts

A basic item of clothing characterized by short sleeves, generally made of cotton, and lacking a collar.

Coffee

A beverage made from roasted coffee beans, which are the seeds of berries from the Coffea plant.