MGT 3051 - Chapter 1: Defining Marketing F24

A functional organization allows for adequate planning as the number of products and markets of a firm increases.

Companies now focus on departments as opposed to processes, because processes can be a barrier to smooth performance.

The production concept is one of the newest concepts in business.

Services constitute the bulk of most countries' production and marketing efforts.

Transforming into a true market-driven company involves organizing around products.

Marketing has sole ownership of customer interaction.

Properties are tangible rights of ownership to either real property (real estate) or financial property (stocks & bonds)

Integrated marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

The marketing concept stresses finding the right customers for the company's products.

The product-management organization replaces the functional organization in the firm.