Chapter 2: 1) Market oriented mission statement defined in terms of satisfying basic customer needs. Important questions that should be taken into consideration are what is our business, who is the customer, what do customers value and what should our business be? 2) Business portfolio planning involves two steps (1) the company must analyze its current business portfolio and determine which business should receive more, less, or no investment. (2) it must shape the future portfolio by developing strategies for growth and downsizing. First marketing provides a guiding philosophy- the marketing concept that suggests the company strategy should revolve around building profitable relationships with important consumer groups. Second marketing provides inputs to strategic planners by helping to identify attractive market opportunities and assessing the firm’s potential to take advantage of them. Finally within individual business units, marketing designs strategies for reaching the unit’s objectives. 3) True market orientation does not mean becoming marketing driven; it means that the entire company obsesses over creating value for the customer and views itself as a bundle of processes that profitably define, create, communicate, and deliver value to its target customers to create value. 4) Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. Involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. Positioning: arranging for a product to occupy a clear distinctive and desirable place relative to competing products in the minds of target customers. Differentiating the company’s market offering so that it gives consumers more value. 5) Product is the goods, services, combination the company