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Differences Between Goods and Services in Marketing

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Differences Between Goods and Services in Marketing

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Questions and Answers

Which of the following is a characteristic of services as mentioned in the text?

Perishability (correct)

Ease of standardization

High level of control over production and consumption

Ability to be produced and then consumed

What does 'Physical Evidence' primarily contribute to, as per the text?

Brand building and differentiation (correct)

Increase in input service

Standardization of services

Operational efficiency

Which factor may lead to different levels of customer satisfaction?

Employee performance (correct)

Service blueprint

Process repeatability

Demand considerations

Why does the increase in sophistication of products lead to an increase in input service?

To meet the growing demand for services in response to product sophistication (C) Signup and view all the answers

What percentage of worldwide GDP does the service sector account for, according to the text?

More than 60% (D) Signup and view all the answers

In contrast to goods, which characteristic is typically associated with services?

Production and consumption at different times (A) Signup and view all the answers

Which of the following are the realms of experimental value added to a business in the experience economy?

Economic (B) Signup and view all the answers

What is the characteristic of global marketing as compared to international marketing?

Generic approach without cultural tailoring (B) Signup and view all the answers

According to the essay 'The Globalization of Markets', what will well-managed companies offer for long-term success?

Globally standardized products that are advanced, functional, reliable, and low-priced (C) Signup and view all the answers

What is the definition of Born Global or International New Ventures?

Business organizations that seek to operate in multiple countries from inception (B) Signup and view all the answers

What is the reason behind the counter-trend in exports growth and local consumption referred to in the text?

Fueled by environmental and social concerns (B) Signup and view all the answers

What does Japan strive for in terms of standardization?

Standardization at high-quality levels (A) Signup and view all the answers

What are the four realms of experimental value added to a business in the experience economy?

Educational, Aesthetic, Escapist, Economic (C) Signup and view all the answers

According to the essay 'Born Global', what type of organizations are defined as International New Ventures?

Organizations seeking to operate in multiple countries from inception (A) Signup and view all the answers

What is the approach of international marketing towards product and promotional adaption in foreign markets?

Polycentric orientation (B) Signup and view all the answers

What do well-managed companies postulate will lead to long-term success according to 'The Globalization of Markets' essay?

$100 standard products with premium quality (C) Signup and view all the answers