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A large pharmaceutical company invents a very small device that can be implanted in people with diabetes to provide time-released amounts of insulin. A patent for this invention will set up a temporary oligopoly for the company.

A target market is a group of customers toward whom a firm directs its marketing efforts.

The antitrust laws in the United States were designed to protect the interests of organizations having monopoly positions.

The planning process identifies objectives and determines the actions that are needed to attain those objectives.

Operational planning that involves the creation and implementation of tactical plans for the departments within an organization is primarily the responsibility of top-level management.

With increased availability of information, rivalry heats up among competitors who try to differentiate themselves from the crowd.

Marketing strategy is an overall company-wide program for selecting a particular target market and satisfying consumers through a careful blend of the elements of the marketing mix.

Planning often is classified on the basis of its scope or breadth.

While many firms claim to have adopted the marketing concept, there is little evidence that a strong market orientation contributes to market success and overall performance.

Relationship-building goals and strategies are seldom included in the plans of business firms.