Discussion Questions 1-6
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1. Market oriented mission statements are statements said by companies to define their purpose, which is satisfying customer needs. These statements need to enthuse people, but still be specific and meaningful. Mission Statements that do have those three qualities are far more likely to excel. 2. Business portfolio is the collection of business and products that make up the company. Marketing plays a major role in the business portfolio; it evaluates the product, and the market more in depth. 3. Because “the customer” is the most important figure, they are who have the needs and wants, and the company is there to supply them with the necessities. Also people not even in marketing need to understand it because everyone is in competition to win over the customer. 4. The roles of market segmentation vary from dividing a market into a distinct groups of buyers. Market targeting is simply evaluating each market segments and selecting one or more segments to enter. The role of differentiation is simply differentiating the market offering to create superior customer value. 5. The four P’s consist of product, which is variety, quality, design, features, brand name, packaging, and services. The second one is price, which is list of discounts, allowances, payment, and credit terms. The third one is promotion, which is advertising, sales promotion, public, relations, and personal selling. The forth thing is place channels, coverage, locations, inventory, and logistics. 6. The four marketing management functions are marketing analysis, marketing control, marketing implementation, and marketing