10) What is the difference between good and service
a) Tangible and Non-Tangible b) High price and low price
c) Need and want d) Priced and Free
Answers
Answer:
Goods are tangible, as in these have a physical presence and they can be touched, while services are intangible in nature. The purpose of both goods and services is to provide utility and satisfaction to the consumer.
Answer:
Goods are tangible, as in these have a physical presence and they can be touched, while services are intangible in nature. The purpose of both goods and services is to provide utility and satisfaction to the consumer.
a)
Tangible assets are typically physical assets or property owned by a company, such as equipment, buildings, and inventory. ... Intangible assets are non-physical assets that have a monetary value since they represent potential revenue. Intangible assets include patents, copyrights, and a company's brand.
b)High–low pricing (or hi–low pricing) is a type of pricing strategy adopted by companies, usually small and medium-sized retail firms, where a firm initially charges a high price for a product and later, when it has become less desirable, sells it at
c)Wants are desires for goods and services we would like to have but do not need. Many wants may seem like needs. Needs are a special kind of want, and refer to things we must have to survive, such as food, water, and shelter.
d)Cost is typically the expense incurred for making a product or service that is sold by a company. Price is the amount a customer is willing to pay for a product or service. The cost of producing a product has a direct impact on both the price of the product and the profit earned from its sale.