BUS 346 Chapter 1

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