The Strategic Definition of a Product Is

question 68

Multiple Choice

The strategic definition of a product is

• A) a tangible good.
• B) a service.
• C) an item on the order form.
• D) the totality of the customer's experiences.
• E) what a company makes in a factory.

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Definitions:

Economists

Professionals who study how societies use scarce resources to produce valuable goods and services and distribute them among different people.

Positive Externalities

Benefits that are enjoyed by a third-party or the society at large as a result of an economic transaction, but these benefits are not reflected in the market price.

Resource Problem

The economic issue of having limited resources to satisfy unlimited wants and needs, necessitating choices and priorities in allocation.

Positive Externalities

Benefits experienced by third parties who are not directly involved in the production or consumption of a good or service.