The Yugo Car Was Cheap, but It Was Poorly Made

question 9

True/False

The Yugo car was cheap, but it was poorly made. Consumers did not purchase it. This is an example of failure to attain parity on the basis of differentiation.

Understand the economic and social responsibilities of businesses in society.

Recognize the role of competition in free market capitalism.

Understand the ethical considerations and standards within a business context.

Interpret the significance of business innovation and creativity for competitive advantage.

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Definitions:

Price-oriented Promotions

Marketing strategies focused on attracting consumers by advertising lower prices or special deals for a limited time.

Viral Marketing

A marketing strategy that relies on social networks to rapidly spread a message or product information, much like a virus.

Social Media Posts

Content created and shared on social media platforms, including text, images, videos, and interactions, intended for communication and engagement with an audience.

Relationship Marketing

A strategy designed to foster customer loyalty, interaction, and long-term engagement by providing personalized and directly meaningful experiences to customers.