What did the production era prioritize when demand exceeded supply?
Producing more at lower cost.
What did the selling era emphasize as supply exceeded demand?
Selling accumulated product stocks.
According to Koster and Armstrong (2010), what is marketing?
The process of creating customer value and relationships to capture value in return.
What does marketing study and create for target customers?
It studies their needs, uses, desires, and wishes, and creates offerings for profit or nonprofit purposes.
What does technological innovation change in a product?
Its physical characteristics, such as ingredients, materials, or packaging.
What use does BlaBlaCar illustrate through radical innovation?
Using existing cars for car-sharing.
Answer 11 questions on Marketing Strategy Fundamentals.
1. During the production era, why did firms prioritize producing more at lower cost?
2. A firm shifts from emphasizing individual product sales to maintaining long-term customer relationships; which marketing orientation does this shift represent?
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