Firms That Are Customer-Centric Exhibit a High Degree of Customer

question 2

Multiple Choice

Firms that are customer-centric exhibit a high degree of customer orientation, which means that they ________.

• A) instill an organization-wide focus on understanding customers' requirements
• B) generate an understanding of the marketplace and keep that information confidential
• C) align system capability externally so that an organization can respond with competitively similar goods and services
• D) develop mass-produced goods and services that sell well in both large and small markets
• E) treat employees as customers and develop systems and benefits that satisfy their needs

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Definitions:

Price Cuts

A reduction in the selling price of goods or services, usually to stimulate demand or compete more effectively.

Price War

Successive, competitive, and continued decreases in the prices charged by firms in an oligopolistic industry. At each stage of the price war, one firm lowers its price below its rivals’ price, hoping to increase its sales and revenues at its rivals’ expense. The war ends when the price decreases cease.

OPEC

The Organization of the Petroleum Exporting Countries, a group of oil-producing nations that coordinates policies to control the supply and influence the price of oil on the global market.

Oil Cartel

An alliance of oil-producing countries or companies that agree to control oil production levels and prices, often to exert influence on the global market.