A Market Orientation Requires the Organization Wide Generation of Market

question 103

True/False

A market orientation requires the organization wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization wide responsiveness to it.

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, making consumers substitute one good for another.

Normal Good

A Normal Good is a type of good for which demand increases when income increases, and vice versa, holding all other factors constant.

Income Effect

The alteration in the income of a person or an economy and its impact on the demand for a particular good or service.

Leisure

The time available for ease and relaxation where no work is done, often considered as time spent away from business, work, job hunting, domestic chores, and education.