BUS 346 Chapter 1 – Flashcards
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During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
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Value-based Marketing
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Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing.
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production-oriented
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Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called
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supply-chain management
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Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
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its value
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Which element of the marketing mix is most relevant to the activity "creating value"?
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product
