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Unformatted text preview: a. Value co-creation, in which customers collaborate in creating the product or service b. By balancing benefits and costs 7. How can a firm become value driven a. By sharing information, balancing benefits with costs, and building relationships with customers 8. List five functions that illustrate the importance of marketing a. Marketing advises production about how much of the company’s product to make and then tells logistics when to ship it b. It creates long-lasting, mutually valuable relationships between the company and the firms from which it buys c. It identifies those elements that local customers value and makes it possible for the firm to expand globally d. Marketing makes life easier and provides employment opportunities e. Marketing enriches society 9. A firm doing the right thing emphasizes the importance of marketing to ___ a. Embrace societal needs and ethical business practices...
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- Spring '11