Potential Question Marketing

The Boston Consulting Group classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as

cash cows

The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

cash cows

Marketing is the process of

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

The focal point of all marketing activities is

customers

Organizations should define themselves not according to the products they produce but according to

how they satisfy customers

A target market

is a specific group of customers on whom a company focuses its marketing efforts

An organization's business goals should be derived from its

mission statement

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

stars

The marketing mix is built around the

the customer

Distribution, price, promotion, and product are all elements of

the marketing mix