The Main Difference Between a Service and a Retail Business

question 32

Multiple Choice

The main difference between a service and a retail business is that service businesses:

• A) sell directly to consumers.
• B) buy and sell in bulk.
• C) convert raw materials into finished goods.
• D) sell services rather than goods.

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Definitions:

Market Segmentation

The process of dividing a target market into smaller, more defined categories based on various characteristics, such as demographics, psychographics, or behavior.

Consumer Profiling

The process of creating detailed descriptions of segments of consumers based on their demographics, buying habits, and other factors to better understand their needs.

Sensory Overload

A condition where one or more of the body's senses experiences over-stimulation from the environment.

Schemas

Cognitive structures in psychology that help individuals organize and interpret information, based on past experiences and knowledge.