In the Context of Product Classifications, Tangibility Refers to the ________

question 35

Multiple Choice

In the context of product classifications, tangibility refers to the ________.

• A) service delivered with a product
• B) ability to create a combination of product and service
• C) physical aspects of a product
• D) value of a product in the market
• E) fundamental need met by a product

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Definitions:

Eliminating Product

The process of discontinuing the production and sale of a product, typically due to poor sales, profitability, or strategic realignment.

Financial Advantage

The benefit gained from making a financially prudent decision that leads to wealth accumulation, cost savings, or any other monetary gain.

Dropping Product

The decision to discontinue the production and sale of a product line or item, typically due to it not meeting financial or strategic goals.

Contribution Margin

The amount remaining from sales revenues after all variable expenses are paid, contributing towards covering fixed costs and profit.