Answered: 1. The manufacturer must translate…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

See similar textbooks

Related questions

Question

1. The manufacturer must translate customer requirements into detailed product and process specifications. Making the translation is the role of the following, except

a. research and development

b. distribution

c. engineering

d. product design

2. The following operations systems are predominantly goods-producing, except:

a. Car assembly

b. Hospitality

c. Food processing

d. Organic farming

3. This is much broader and long-term than competitive advantage.

a. Comparative advantage

b. Economic advantage

c. Absolute advantage

d. Strategic advantage

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Expert Solution