For Many Types of Service Organizations Such as Hospitals, Banks

question 48

Multiple Choice

For many types of service organizations such as hospitals, banks and airlines, the primary cost of operations is:

• A) establishing and maintaining a presence on the Internet.
• B) insurance and legal expenses.
• C) coping with obsolescence that results from the rapid pace of technological change.
• D) compensation of labor.

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Definitions:

Creative Production Era

A period highlighting the importance of innovation and creativity in the production of goods and services, contrasting with periods focused on efficiency or standardization.

Delivering Value

The process of providing products or services that are of high value to the consumer, often exceeding their expectations relative to the cost.

Marketing Mix

Encompasses the four key elements of marketing strategy: product, price, place, and promotion used to meet marketing objectives.

Production-oriented Era

A historical period in marketing where the focus was on production capabilities and efficiencies rather than on a deep understanding of consumer needs or desires.