Market Orientation Refers to

question 85

Multiple Choice

market orientation refers to

• A) the orientation of an organization that focuses its efforts on: (1) continuously collecting information about the environment; (2) keeping abreast of the actions of its competitors; and (3) using this information to create customer value.
• B) the orientation of an organization that focuses its efforts on: (1) continuously collecting information about customers' needs; (2) sharing this information across departments; and (3) using it to create customer value.
• C) 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.
• D) the belief that the buying environment for any given industry is relatively stable and therefore all marketing decisions should be long-term for fear of losing 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."

Understand the rationale behind using multiple predetermined overhead rates in larger companies.

Recognize how costs are attached to products and their impact on financial statements.

Identify the components and importance of a bill of materials in product costing.

Comprehend how actual overhead costs are treated in job costing systems.

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Definitions:

Teenagers

A demographic group consisting of individuals typically aged between 13 and 19 years, characterized by physiological and psychological development from childhood to adulthood.

Unemployment Rates

The division of the labor force that is out of a job and actively on the lookout for employment.

Prime Working Age

Individuals typically between the ages of 25 and 54, considered to be in their most productive years in the labor force.

Labor-Force Participation Rates

The ratio of the number of individuals actively participating in the labor force to the total number of individuals eligible to participate.