BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The time of day and day of the month that the good is purchased.
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Who purchased the product and how it is used.
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How much the buyer is charged for the product.
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Was the good purchased with cash or credit.
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Detailed explanation-1: -Industrial goods are bought and used for industrial and business use. Consumer goods are ready for the consumption and satisfaction of human wants. While industrial goods are made up of machinery, plants, and raw materials, consumer goods are commodities purchased by a buyer like clothing, food, and drinks.
Detailed explanation-2: -The value of an item is often depicted by its price in the market. When determining this, producers often factor in the production cost. The unlimited wants of customers do not affect the value of the product. For example, water is an unlimited want, yet its value in terms of price is low.
Detailed explanation-3: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.
Detailed explanation-4: -A consumer product that is used for business purposes is referred to as an industrial product. TRUE. Branding and advertising tend to be more important marketing factors than price and service for industrial products categorized under materials and parts.
Detailed explanation-5: -Business & Marketing Classifying products is a good way for marketers to understand how to market a particular product to their customers. Classifying a product will let them determine the optimal method for distribution, promotion, and pricing.