​When Tom Decided to Buy a Washing Machine, He Had

question 142

Multiple Choice

​When Tom decided to buy a washing machine, he had very little knowledge of competing products in the market. He did research on the Internet, talked to his friends, and compared features of different models. Finally, he decided to buy an LG top load, semi-automatic washing machine. This is an example of buying a(n) _____.

• A) shopping product
• B) staple
• C) convenience product
• D) specialty product

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Definitions:

Value Chain

A series of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market.

Service Chain

The sequence of processes involved in the production and delivery of a service.

Activities System

The integrated set of actions or tasks performed by an organization or a part of it to achieve its objectives.

Value Chain

A model that outlines a series of activities that businesses perform in order to deliver a valuable product or service for the market.