When Marketers State That Services Are ________, They Are Referring

question 75

Multiple Choice

When marketers state that services are ________, they are referring to the fact that services are produced and consumed at the same time.

• A)intangible
• B)inseparable
• C)heterogeneous
• D)perishable
• E)peripheral

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Definitions:

Creative Destruction

A concept in economics where new innovation leads to the obliteration of older industries or ways of doing things, driving economic development.

Concentrated Industries

Industries where a few companies dominate the market share, resulting in less competition and potentially higher prices for consumers.

Innovative Firms

Companies that focus on developing new products, services, or processes, driving change and progress within their industries through innovation.

Violin Strings

The stretched cords made of various materials like gut, steel, or synthetic that, when vibrated, produce sound in a violin.