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.
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
Which element of the marketing mix is most relevant to the activity “creating value”?