An Organization Creates a Customer Through a Three-Step Approach: Identifying

question 16

True/False

An organization creates a customer through a three-step approach: identifying needs in the marketplace,finding out which needs the organization can profitably serve,and developing goods and services to convert potential buyers into customers.

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Definitions:

Promissory Estoppel

A legal principle that prevents a promisor from arguing that an underlying promise offered should not be legally upheld if the promisee has relied on that promise to their detriment.

Unilateral Contract

A type of contract in which only one party makes a promise to perform in exchange for an act by the other party.

Promissory Estoppel

A legal principle that prevents a party from retracting a promise when the other party has reasonably relied on that promise to their detriment.

Consideration

Something of value that is promised, given, or received in a contract to make it legally binding.