QUESTION 10 Products and technologies eventually become outdated, but basic market needs can last forever. For this reason, company mission statements should be O business-oriented sales-oriented market-oriented profit-oriented product-oriented QUESTION 11 is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. Differentiation Market segmentation Market targeting Marketing strategy Positioning OOC QUESTION 8 Customer-driven marketing is most effective when O a clear need exists among customers, but the need is difficult to identify customers do not know what they want but are easily persuaded customers seek new products and technological innovations clear needs exist and customers know what they want customers have wants but cannot afford them QUESTION 9 What are the four growth strategies identified by the product/market expansion grid? Product growth, market growth, customer growth, and profitable growth Market penetration, market development, product development, and diversification Product development, diversification, domestic expansion, and global expansion Global expansion, domestic expansion, customer expansion, and product expansion Product penetration, product development, diversification, and global expansion QUESTION 6 A successful niche marketing strategy relies on a firm's O availability of services O product positioning superior products knowledge of customer needs affordable pricing QUESTION 7 To design a winning marketing strategy, what are the two important questions a marketing manager must answer? What markets should we enter? How do we maximize sales in those markets? What customers will we serve? How can we maximize profits? Who are our competitors? How can we beat our competitors? How can we serve our customers best? How can we maximize profits? What customers will we serve? How can we serve these customers best