A Value Chain Charts the Path by Which Products and Services

question 39

True/False

A value chain charts the path by which products and services are created and eventually sold to customers.

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Definitions:

Standardization

The process of making products, processes, or services uniform to ensure consistency and quality.

Direct Selling

A marketing strategy where products are sold directly to consumers, bypassing traditional retail channels, usually through personal sales in a non-retail setting.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically encapsulated by the 4Ps: product, price, place, and promotion.