Briefly define what is meant by a product. Explain the characteristics that would define a product, good, service, and an idea. Give an example of each.
What will be an ideal response?
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or something else of value. A good has tangible attributes that a consumer's five senses can perceive and intangible ones that embody more abstract concepts, such as a warranty. Goods can also be divided into nondurable goods, which are consumed in one or a few uses (a bottle of juice), and durable goods, which usually last over many years (a mattress). Services are intangible activities, such as a cruise, or benefits, such as convenience, that an organization provides to satisfy consumer needs in exchange for money or something else of value. An idea is a thought that leads to a product or action, such as getting people to eat organically grown vegetables.
You might also like to view...
A $50,000 bond with a carrying value of $52,000 was called at 103 and retired. In recording the retirement, the issuing company should record
a. a $500 gain. b. a $1,500 loss. c. a $2,000 gain. d. no gain or loss.
Common fixed expenses are the fixed costs that are not traceable to the segments and would remain even if one of the segments was eliminated
Indicate whether the statement is true or false
It is unnecessary for a pronoun to agree in number with the noun for which it stands
Indicate whether the statement is true or false
Changes can occur at the ______ level through the development of new strategies and processes and visions for a new desired future.
a. individual b. suprasystem c. team d. organization