Asked by Kayla Ellison on May 22, 2024
Verified
Which term refers to the series of activities involved in extracting value from a product or service?
A) situation assessment
B) trend extrapolation
C) customer value chain
D) cross-impact matrix
Customer Value Chain
A conceptual framework that outlines the series of steps a company takes to create value for the customer, from product development through to after-sales service.
Cross-Impact Matrix
A tool used to analyze and visualize the effects of one variable on another within a certain context, aiding in decision-making and scenario planning.
- Describe the process and importance of customer value chain in marketing.
Verified Answer
AN
Afreen NawabMay 24, 2024
Final Answer :
C
Explanation :
The term that refers to the series of activities involved in extracting value from a product or service is customer value chain. This process includes identifying the customer's needs, creating the product or service, delivering it to the customer, and maintaining a relationship with the customer. Situation assessment and trend extrapolation are processes used in strategic planning, while a cross-impact matrix is a tool for analyzing the relationship between different variables.
Learning Objectives
- Describe the process and importance of customer value chain in marketing.