A Standardized Good or Service Is One

question 95

Multiple Choice

A standardized good or service is one:

• A) for which any two units of it have the same features and are interchangeable.
• B) for which any two units of it have similar features that could be considered close substitutes.
• C) for which any two units of it have different, unique features.
• D) that has very distinguishable characteristics, with each unit being economically unique.

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Definitions:

True Differentiation

The process of making a product or service stand out as unique among competitors in the eyes of the target market through real, significant differences.

Service Demand

The need or desire for intangible products such as skills, expertise, or activities that provide value or benefit to consumers.

Time-And-Place Dependent

refers to processes or phenomena that vary based on their specific location and the timing of their occurrence.

AIDA Model

A marketing framework that outlines the customer journey from Awareness, Interest, Desire, to Action.