Rachel, a university student, purchases a watch as a gift for her mother. In this scenario, the watch is an example of a(n)__________product
Fill in the blanks with correct word.
ANSWER: consumer
The watch is an example of a consumer product as it is bought as a gift for personal use. A consumer product is bought to satisfy an individual's personal wants or needs. The key characteristic distinguishing business products from consumer products is intended use, not physical form.
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As a general rule, revenue is recognized at the point of sale. Which one of the following situations illustrates this rule?
a. Products are sold to customers on credit with payment due in 30 days. b. Employees are paid wages the week after the wages are earned. c. Products are purchased for resale purposes. d. Interest is collected from amounts loaned to employees.
What is the best remedy for the winner's curse?
What will be an ideal response?
Under the UCC statute of frauds, the writing for a sale of goods must:
a. state quantity. b. state price. c. be signed by both parties. d. be notarized.
When assessing a firm's quality from the customer's perspective, marketing managers must take account of all instances where customers have contact with the firm and its products. These instances are called
A. pain points. B. sales kiosks. C. intersects. D. connectors. E. touchpoints.