Lendorse Morant Ms. J. Gaffney
Principles of Marketing 5.22.14

Chapter 2 Discussion Question 1-6 (Page 61)

1) (Q) Explain what is meant by market-oriented mission statement and discuss the characteristics of effective mission statements. (A) A market oriented mission statement is when the decisions made by a company are based around information about customer needs and wants rather than what the business thinks is right for the customer. A mission statement is more than just a statement of specific details, it’s usually broad in scope. It doesn’t use monetary numbers, percentages, or ratios. It’s also short, about 250 words in length. A mission statement is also inspiring and enduring.

2) (Q) Describe the business portfolio planning process and the role marketing plays in the process. (A) The business portfolio planning process is about identifying and selecting the right work to achieve business objectives and maximize business value. The position and role of each one in the overall company business, as well as their interrelation determine the portfolio structure.

3) (Q) Explain why it is important for all departments of an organization-marketing, accounting finance, operations management, human resources, and so on- to “think consumer”. Why is it important that even people who are not in the marketing understand it? (A) Consumer comes in to contact with many other departments but I suppose the main reason is that the consumer decides whether to use the company or not and ultimately whether or not company aims and objectives can be met. Also, at the end of the day we are all consumers even if not related to place of work and understanding our behavior and how we perceive companies and the departments we come in to direct contact with will help us to provide a good experience for others and ultimately repeat