BUS 346 Chapter 1 - Flashcards

question

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

answer

Value-based Marketing

question

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing.

answer

production-oriented

question

Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called

answer

supply-chain management

question

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about

answer

its value

question

Which element of the marketing mix is most relevant to the activity "creating value"?

answer

product

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BUS 346 Chapter 1 – Flashcards