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One disadvantage of a foreign production site is that the production factors typically lag behind the production factors of other countries.
Customer Relationship Era
A business approach focusing on building long-term relationships with customers to enhance loyalty and lifetime value.
Market Orientation
A business approach where the needs and wants of customers guide all marketing decisions and strategies.
Customer Value
Refers to the perceived worth of a product or service in the eyes of the customer, balancing its benefits against its cost.
Product Orientation
A business philosophy that focuses on the quality and attributes of the product itself rather than customer needs or desires.
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