The Four I's of Services Consist of

question 56

Multiple Choice

The four I's of services consist of

• A) intangibility, inconsistency, inseparability, and innovation.
• B) intangibility, inventory, inflexibility, and impression.
• C) intangibility, inconsistency, inseparability, and inventory.
• D) intangibility, inventory, innovation, and impression.
• E) intangibility, inconsistency, innovation, and impression.

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Definitions:

Absolute Advantage

The capacity of a nation, individual, organization, or area to generate a product or offer a service at a cost per unit that is less than what any other party can produce that same good or service for.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision, representing the benefits an individual, investor, or business misses out on when choosing one option over another.

Bushel

A measure of volume that is used primarily in agriculture, equal to about 35.24 liters in the USA.

Absolute Advantage

The ability of an entity to produce a good or offer a service at a lower cost per unit, using fewer resources, than competitors or another entity.