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Marketing Strategy Chapter 1: Market-Oriented Perspectives

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Marketing Strategy Chapter 1: Market-Oriented Perspectives

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Questions and Answers

Why is it important to avoid the 'tyranny of current customers'?

To increase customer satisfaction

To reduce costs

To improve product quality

To target more attractive customers (correct)

What is a challenge for organizations due to the growth of the service sector?

Increasing market share

Maintaining customer satisfaction and loyalty (correct)

Reducing production costs

Improving product quality

How have new information and communication technologies impacted marketing management?

By allowing firms to target smaller market segments (correct)

By reducing marketing costs

By reducing the need for market research

By increasing the importance of traditional marketing channels

What is a result of the increased globalization of markets and competitions?

Firms must adapt their competitive strategies and marketing programs across countries Signup and view all the answers

What has been enabled by new communication technologies?

More cooperative and efficient relationships between suppliers and distribution channel partners Signup and view all the answers

What is a key benefit of adopting a market-oriented management approach?

Improved customer loyalty and long-term profitability Signup and view all the answers

What is a potential drawback of trying to satisfy all customer groups?

Prescription for disaster Signup and view all the answers

What is the primary goal of market-oriented management?

Create customer value Signup and view all the answers

What is a key aspect of managing customer expectations in a market-oriented management approach?

Measuring and managing customer expectations Signup and view all the answers

What is a key advantage of obtaining customer and competitive information in a market-oriented management approach?

Avoiding being blindsided by market changes Signup and view all the answers