MARKET ORIENTATION Definition

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MARKET ORIENTATION is the business philosophy and approach to focusing on the customer's needs and wants, both stated and hidden, and satisfying them with proprietary or purchased products and services.

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INDEPENDENT AUDIT is an examination of financial statements conducted by an outside CPA (one not employed by the firm being examined) according to generally accepted auditing standards (GAAS) for the purpose of expressing an opinion as to whether the statements are a fair presentation in accordance with generally accepted accounting principles (GAAP).

REQUISITION is a written request to buy something. Usually, once approved, the requisition is then transformed into a purchase order.

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