A Description Method Used When a Product or Service Is

question 53

Multiple Choice

A description method used when a product or service is proprietary or when there is a perceived advantage to using a particular supplier's product or services is:

• A)description by market grade.
• B)description by brand.
• C)description by specification.
• D)description by performance characteristics.

---

Definitions:

Service Company

A business that provides intangible products or services to customers rather than physical goods.

Labor Costs

Labor costs refer to the total expenses related to compensating employees, including wages, benefits, and taxes, incurred by a business.

Staff Turnover

The turnover rate of employees in a company, signifying the speed at which staff members depart and are subsequently replaced by new hires.

Credit Sales

Sales made by a business where the customer is allowed to pay at a later date, as opposed to immediate cash transactions.