Goods or Services from Outside the Industry That Perform Functions

question 26

Multiple Choice

Goods or services from outside the industry that perform functions that are similar to an existing product in a different industry are known as

• A) complimentary products
• B) substitute products
• C) switching products
• D) differentiated products

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Definitions:

Concept

An abstract idea or a general notion that represents something in the mind of the individual.

Genus

In biology, a rank in the classification hierarchy that is above species and below family, grouping together species that share common characteristics.

Species

A grouping of life forms with similar traits capable of genetic interchange or breeding together.

Organizational Scheme

A structured framework or plan that outlines how certain tasks, information, or elements are arranged and managed within an organization or system.