Podcast
Questions and Answers
Which of the following best describes a product?
Which of the following best describes a product?
- A tangible item that includes services, events, persons, places, or ideas (correct)
- An intangible item that arises from the output of one or more individuals
- A special form of product that consists of activities and benefits offered for sale
- A physical possession that can be stored and transported
Which one of the following is true about a service?
Which one of the following is true about a service?
- It is tangible and can be stored and transported
- It is a physical possession that can be assembled
- It is intangible and involves expenditure without any tangible return benefit (correct)
- It is a tangible item that includes activities and benefits offered for sale
What is one difference between a product and a service?
What is one difference between a product and a service?
- A product is a physical possession that can be assembled, while a service is not
- A product can be stored and transported, while a service cannot
- A product involves expenditure without any tangible return benefit, while a service does not
- A product is tangible, while a service is intangible (correct)
Which of the following is true about the producer and seller of a service?
Which of the following is true about the producer and seller of a service?
What is one advantage of a product over a service?
What is one advantage of a product over a service?
Anything that we offer to a market to satisfy the need or want is a ______
Anything that we offer to a market to satisfy the need or want is a ______
Tangible item objects it includes services, Events, persons, places organization or even ideas is a ______
Tangible item objects it includes services, Events, persons, places organization or even ideas is a ______
Special form of product consists of activities, benefits offered for sale. It is an ______
Special form of product consists of activities, benefits offered for sale. It is an ______
Intangible item which arises from the output of one or more individuals. It includes banking, airline travel, communication services is a ______
Intangible item which arises from the output of one or more individuals. It includes banking, airline travel, communication services is a ______
It is tangible. It is intangible. Quality standards can be attained. It is very difficult to attain quality standards. It may be an asset sometimes,. e.g., fridge television set etc. It involves expenditure without any tangible return benefit. Physical possession is possible. Physical possession is not possible. It can be stored. It cannot be stored. It can be transported. It cannot be transported. The producer and the seller may be different persons. The producer of service is the seller too, e.g., medical and legal services. Assembling is very important. ______
It is tangible. It is intangible. Quality standards can be attained. It is very difficult to attain quality standards. It may be an asset sometimes,. e.g., fridge television set etc. It involves expenditure without any tangible return benefit. Physical possession is possible. Physical possession is not possible. It can be stored. It cannot be stored. It can be transported. It cannot be transported. The producer and the seller may be different persons. The producer of service is the seller too, e.g., medical and legal services. Assembling is very important. ______
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