A Market Orientation Refers to

question 218

Multiple Choice

A market orientation refers to

• A)the orientation of an organization that focuses its efforts on continuously collecting information about the environment, keeping abreast of the actions of its competitors, and using this information to create product innovation.
• B)the belief that the buying environment for any given industry is volatile and therefore all marketing decisions should be short-term and easily adaptable to change.
• C)the orientation of an organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value.
• D)the belief that the buying environment for any given industry is relatively stable and therefore all marketing decisions should be long-term to prevent loss of focus.
• E)the point of view that holds that there is always someone who needs or can benefit from your product, and if one segment fails, there is an even better one somewhere in the "market."

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Definitions:

Monopoly

A market structure characterized by a single seller, selling a unique product in the market. In a monopoly, the seller faces no competition, as he is the sole seller of goods with no close substitute.

Bubbles

In economics, a market condition characterized by rapid escalation of asset prices followed by a contraction.

Marginal Revenue

The extra revenue generated by the sale of an additional unit of a product or service.

Monopolist

An individual or business entity that is the sole provider of a particular good or service, enabling control over market prices.