A market-oriented firm:
A)defines its mission in terms of the benefits its customers seek.
B)targets the average customer.
C)is highly centralized.
D)defines its business in terms of the goods and services it produces.

Question

Quizplus · Accepted Answer

A market-oriented firm places a strong focus on meeting the needs and wants of its customers. Therefore, it defines its mission in terms of the benefits its customers seek rather than defining its business in terms of the goods and services it produces. This helps the firm to be more customer-centric and responsive to changing market needs, ultimately leading to greater success. B is incorrect because a market-oriented firm may target specific customer segments, rather than just the average customer. C is incorrect because highly centralized firms may not be flexible enough to respond to changing market conditions. D is incorrect because a market-oriented firm places more emphasis on customer needs rather than focusing only on its products or services.

A Market-Oriented Firm