Service Is an Example of Which Component in the Marketing

question 76

Multiple Choice

Service is an example of which component in the marketing mix?

• A)Promotion
• B)Price
• C)Product
• D)Place
• E)People

Explore the impact of monopolies on consumer and producer surplus as well as on overall welfare.

Understand the role of patents in establishing and maintaining monopoly power.

Evaluate the effects of market entry and competition on monopoly power and pricing strategies.

Understand the functional differentiation of the cerebral hemispheres.

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Definitions:

Franchising Agreement

A legal contract between a franchisor and franchisee, outlining the rights, responsibilities, and terms for operating a franchise.

Franchisor

A company or individual that grants the right to operate a business under their brand and system to a franchisee.

Name Recognition

Name recognition refers to the public's ability to recall and recognize a brand or company by its name, indicating a level of familiarity or prestige in the market.

Unlimited Financial Liability

A legal obligation where business owners are personally responsible for all the debts of their business, without any limit.