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In Rapidly Changing Industries or Those Where Purchased Goods and Services

question 46

Multiple Choice

In rapidly changing industries or those where purchased goods and services comprise a _____ portion of product or service costs, management usually recognizes the need to place purchasing in a _____ position in the organizational hierarchy.


Definitions:

Test Marketing

The process of testing new products or marketing strategies in a specific geographic area to evaluate potential success before a wider launch.

Marketers

Professionals or organizations involved in promoting and selling products or services to consumers.

Biotechnology Firms

Companies that utilize biological processes, organisms, or systems to manufacture products or provide services.

License

A formal permission granted by an authority to an individual or organization to engage in a particular activity or to use a specific property.

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