The ________ Is a Tool for Identifying Ways to Create

question 59

Multiple Choice

The ________ is a tool for identifying ways to create more customer value.

• A) promotion channel
• B) value chain
• C) brand loyalty index
• D) supplier database
• E) customer survey

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Definitions:

Market System

A market mechanism where the allocation of resources for investment, production, and distribution is driven by the forces of supply and demand, with the pricing of goods and services set freely within the market.

Minimize Cost

The process of finding the most efficient level of production, where the combination of inputs results in the lowest possible cost.

Unit of Output

The basic measure of productivity or product which is generated by a production process, operation, or project.

Competitive Market Economy

A system where market forces govern the production, distribution, and pricing of goods and services, featuring many buyers and sellers and free entry and exit from the market.