________ Are Products and Services Bought by Final Consumers for Personal

question 129

Multiple Choice

________ are products and services bought by final consumers for personal consumption.These include convenience products,shopping products,specialty products and unsought products.

• A)Services
• B)Consumer products
• C)Line extensions
• D)Industrial products
• E)Straight extensions

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Definitions:

Indemnity

A contractual obligation of one party to compensate the loss incurred by the other party due to the acts of the indemnitor or other specified causes.

Reciprocity

Refers to a mutual exchange of privileges or benefits between two parties, where each party offers something in return for what is received, often seen in trade agreements.

Vertical Integration

A strategy where a company expands its operations by taking control of one or more stages in the production or distribution of a product.

Inventory Costs

Expenses associated with holding and managing goods in stock, including warehousing and insurance costs.