Marketing a Service Is More Challenging Than Marketing a Product

question 59

Multiple Choice

Marketing a service is more challenging than marketing a product because a service is:

• A)intangible.
• B)separable.
• C)invariable.
• D)consistent.
• E)durable.

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Definitions:

Lowest Cost

The minimal expense incurred in the production or procurement of goods or services, under efficient conditions.

Output

The quantity of goods or services produced within a given time period.

Factor Prices

The costs of the inputs that are used in the production of goods or services.

Production Function

A mathematical relationship describing the maximum output possible from a given set of inputs.