One Way to Lower Transportation Costs of Globally Sourced Production

question 13

Multiple Choice

One way to lower transportation costs of globally sourced production is to

• A)use online ordering when possible.
• B)redesign components for greater transport density.
• C)increase the labor content of the components.
• D)decrease the labor content of the components.

Understand the concept of the ideal product and how it relates to consumer preferences.

Identify the factors that influence a product's position in the market.

Describe methods for visualizing and mapping brand positions in the marketplace.

Understand the different types of market research and their purposes.

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Definitions:

Branding

The process of creating a name, term, design, symbol, or any other feature that identifies a product or service and differentiates it from others.

Marketing Mix

is the set of controllable variables that a company can use to influence the buyer's response, often categorized into four elements: product, price, place, and promotion.

4Ps

A marketing model that identifies and optimizes the four key elements of marketing strategies: Product, Price, Place, and Promotion.

Marketing Mix

is a set of actions or tactics a company uses to promote its brand or product in the market, traditionally defined by the four Ps: Product, Price, Place, and Promotion.