INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Producers
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Consumers
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Either A or B
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None of the above
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Detailed explanation-1: -At the heart of it, the main difference is that a product business sells physical, tangible objects, whereas a service business provides value through intangible skills, expertise and time. The marketing techniques and costs vary when you’re selling services versus selling products, as well.
Detailed explanation-2: -Although consumers can be customers, consumers are defined as those who consume or use market goods and services.
Detailed explanation-3: -Electronic devices, furniture, food items, and vehicles are some examples of products while cleaning, car repair, medical check-ups, haircuts, etc. are some examples of services.
Detailed explanation-4: -Product Mix. A product line refers to a particular good or service that a company makes and markets to customers.