INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Uses plain, inexpensive packaging
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Most often uses product bundling strategies
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Does not include a tangible product
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Does not include product guarantees
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Detailed explanation-1: -Intangibility. Intangibility is used in marketing to describe the inability to assess the value gained from engaging in an activity using any tangible evidence. It is often used to describe services where there isn’t a tangible product that the customer can purchase, that can be seen, tasted, or touched.
Detailed explanation-2: -Intangibility: Services are intangible and do not have a physical existence. Hence services cannot be touched, held, tasted or smelt. This is most defining feature of a service and that which primarily differentiates it from a product.
Detailed explanation-3: -Intangibility – Services are cannot be touched or hold, they are intangible in nature. For example – you can touch your Smartphone. But, you cannot hold or touch the services of your telecom service provider. Inseparability – In case of services the production, distribution, and consumption takes place simultaneously.