Marketing concept means that an organization should seek to make a profit by serving the needs of customer groups. Purpose of marketing concept is to rivet the attention of marketing managers on serving broad classes of customer needs (customer orientation) rather than on the firms’ current products (production orientation) r on devising methods to attracts customers your current products (selling orientation) Marketing an organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customers’ relationships in ways that benefit the organization and stakeholders.

.Which of the following statements is true about marketing? It takes into account members of the producing organization, resellers of goods and services, and customers or clients. "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." drifting organization- An organization's original purpose may become irrelevant as the organization expands into new products, new markets, and even new industries. The result of this condition is a "drifting" organization. mission statement- The mission statement defines the direction in which the organization is heading and how it will succeed in reaching its desired goal. distinctive competencies- Distinctive competencies are things that an organization does so well that they give it an advantage over similar organizations. MARKET PENETRATION focuses primarily on increasing the sale of present products to present customers? An organization would seek to find new customers for its present products without creating any new products under the MARKET DEVELOPMENT _____ strategy. With the PRODUCT DEVELOPMENT strategy, new products are directed primarily at present customers as the target group. DIVERSIFICATION can lead an organization into entirely new and even unrelated business focused on customers who are not currently being served A cost leadership strategy would be characterized by:a range of standard and no-frills products at relatively low prices the final phase of the strategic planning process is Formulation of the portfolio plan

Chapter 1 1. The _____ means that an organization should seek to make a profit by serving the needs of customer groups. marketing concept 2. The purpose of the marketing concept is to rivet the attention of marketing managers on _____.

Customer orientation. The purpose of the marketing concept is to rivet the attention of marketing managers on serving broad classes of customer needs (customer orientation), rather than on the firm's current products (production orientation) or on devising methods to attract customers to current products (selling orientation). 3.Which of the following statements is true about marketing? It takes into account members of the producing organization, resellers of goods and services, and customers or clients. "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." This definition takes into account all parties involved in the marketing effort: members of the producing organization, resellers of goods and services, and customers or clients 4. Hot Serve is a chain of steak restaurants whose mission statement aimed to provide its customers with the world's best steaks. Changes in consumer tastes resulted in fewer customers for the steakhouse. In response to the decreased demand, the chain added burgers, vegetarian lasagna, seafood, and pizzas to its menu over a