Products & Services

What are goods in the context of business?

• Services provided to consumers

• Intangible items that cannot be touched

• Physical items which can be perceived by the sense of touch and are sold to consumers

• Digital products available for download

Which of the following is NOT an example of goods?

• Foods

• Clothes

• Appliances

• Financial advice

Which of the following is a characteristic of tangible goods related to their physical nature?

• They can be stored or returned.

• They have a time lag between production and consumption.

• They are identical to each other.

• They can be seen or touched.

What does the separability characteristic of tangible goods imply?

• Goods can be easily differentiated from one another.

• Goods can be stored or returned.

• There is a time lag between production and consumption of goods.

• Goods are identical to each other.

What does homogeneity refer to in the context of tangible goods?

• Goods can be seen or touched.

• Goods are identical to each other.

• Goods can be stored or returned.

• There is a time lag between production and consumption of goods.

Which characteristic of tangible goods indicates their ability to be preserved for future use or returned if necessary?

• Tangibility

• Separability

• Homogeneity

• Storability

What is a key characteristic of services as opposed to goods?

• Services are always cheaper than goods.

• Services are tangible and have a physical presence.

• Services are intangible and do not have a physical presence.

• Services cannot be provided by other people.

Which of the following is an example of a service?

• A smartphone

• A medical consultation

• A pair of shoes

• A book

Which of the following is a characteristic of intangible services due to their intangibility?

• Can be easily stored or reclaimed

• Cannot be seen, tasted, or smelled

• Are always consistent in each performance

• Are produced and consumed at different times

What does the inseparability characteristic of services imply?

• Services are not consistent and vary from one performance to another

• Services can be stored for later use or consumption

• Services are produced and consumed simultaneously

• Services can be easily separated from their providers