Question

. A situation where there are no differences among products or services and the only basis of choosing products is price is known as-----------------------A. *

Answer 1

Answer:

Solution(By Examveda Team)

A situation where there are no differences among products or services, and the only basis of choosing products is price is known as commoditization. Commoditization refers to the process of making something into a commodity.

Answer 2

Answer:

commoditization

The process of turning something into a commodity is referred to as commoditization.

Explanation:

Commoditization is the state in which there are no distinctions between goods or services and consumers simply consider price when making purchases.

A commodity is a basic good that is used in trade and can be exchanged for other commodities of the same kind.

Commoditization is the process through which things with economic value and distinguishing characteristics end up being perceived by the market or customers as simply commodities.

The act of turning something into a commodity is known as commoditization. It describes a product or service becoming unrecognizable from others of a comparable kind.

The product or service loses its uniqueness in comparison to others in the same category. A good or service must satisfy all three criteria in order to become a commodity, whether it be a product, service, or security: Standardization eliminates variety. Agricultural goods must be unprocessed.

#SPJ2