strategy

Principle of __________________________________________means that market selection is one of the key tasks for any organization – choosing where to compete and where to commit its resources.

• Focus on the Customer

• Markets are heterogeneous

• Customers Do Not Buy Products

• Only Compete in Markets Where You Can Establish a Competitive Advantage

• Marketing Is Too Important to Leave to the Marketing Department

Well-developed marketing resources (assets and capabilities), when deployed in the marketplace, can lead to superior __________________. Satisfied and well-motivated staff, for example, can make a significant contribution to creating satisfied and loyal customers and subsequently increased sales volume and market share.

• Cost-effective

• Product performance

• Price premium

• market performance

• Competitive advantage

The principle of _________________________recognizes that the long-term objectives of the organization are best served by achieving a high degree of customer focus – but not a blind focus!

• Focus on the Customer

• Only Compete in Markets Where You Can Establish a Competitive Advantage

• Markets are heterogeneous

• Customers Do Not Buy Products

• Marketing Is Too Important to Leave to the Marketing Department

The role of marketing in the organization has three stages. The third stage involves marshalling all the relevant organizational ______________ to plan and execute the delivery of customer satisfaction.

• resources

• capabilities

• technology

• patents

• assets

______________ argues that marketing involves simultaneously building a customer orientation in an organization (culture), developing value propositions and competitive positioning (strategy) and developing detailed marketing action plans (tactics).

• 
  Kotler et al. (1996)

• Webster (1997)

• AMA (July 2013)

• Ferrell and Lucas (1987)

• Felton (1959)

There are two main processes of improvement. The first is through innovation, where a
relatively large step is taken at one point in time. such as the advent of digital television and radio, and the MP3 player. The second approach to improvement is a more continuous process whereby smaller changes are made but on an insistent basis. The Japanese call continuous improvement ‘_______________’ and see it as an integral part of business life.

• maizen

• 
  laizen

• neizen

• 
  katzen

• kaizen

In ____________________ approach firms base their marketing strategies on equal consideration of the requirements of the market and their abilities to serve it. This approach takes a long-term view of customer requirements in the context of other market considerations (such as competitor offerings and strategies, and the realities of the supply chain), together with mapping out the assets, competencies and skills of the organization to ensure they are leveraged to the full.

• Societal marketing

• Resource-based marketing 

• Customer-lead marketing

• Product-push marketing

• Production-based marketing

In order to assess the _________________ level of an organization, the textbook recommend we should evaluate them on such dimensions as customer orientation, competitor orientation, long-term perspectives, interfunctional coordination, and organizational culture.

• operations

• market orientation

• profitability

• 
  service

• success

The role of marketing in the organization has three stages. the first stage involves Identifying and communicating customer wants and needs throughout the organization. This involves conducting or commissioning relevant customer research to uncover Who the customers are and What will give them _____________.

• joy

• benefits

• value

• satisfaction

• expectation

The role of marketing in the organization has three stages. The second stage involves deciding on the ___________________ to be adopted.

• 
  Brand concept

• competitive positioning

• Value proposition

• Value discipline

• Marketing concept