Explain the difference between a consumer product and an industrial product. Include an example
What will be an ideal response?
The distinction between a consumer product and an industrial product is based on the purpose for which the product is purchased. If a consumer buys a lawn mower for use around home, the lawn mower is a consumer product. If the same consumer buys the same lawn mower for use in a landscaping business, the lawn mower is an industrial product.
You might also like to view...
A questionnaire is the vehicle to pose questions that a researcher wants respondents to answer
Indicate whether the statement is true or false
Which of the following is a function of an integrated marketing communications system?
A) designing products using environmentally friendly techniques B) allowing suppliers or vendors to manage the inventory of products C) controlling production levels by feedback received from customers D) delivering a clear, consistent, and compelling message on the product to each brand contact E) sharing company forecasting details with shareholders
A nonprofit organization agreed to allow a for-profit corporation to use the nonprofit’s logo on advertising to enhance the corporation’s image. This agreement is an example of exchanging ______.
A. tactibles B. inventories C. intangibles D. physical assets
Accrual accounting requires frequent, ongoing changes in estimates. Which of the following is/are true?
a. As time passes and conditions change, new information becomes available that causes management to change the estimates required to apply accounting principles. b. Firms do not recalculate revenues and expenses of previous periods to incorporate new information involving estimates. c. Changes in estimates do not always relate to recurring accrual accounting measurements. d. Examples of changes in estimates include the amount of uncollectible accounts and the useful lives of depreciable assets. e. all of the above.