GENERAL KNOWLEDGE

Detailed explanation-1: -Search qualities are the attributes that may be evaluated prior to purchase, as the customer learns about the competitive offerings. For example, when you go to a department store to purchase socks, you can just look at a pair and know before buying them whether you’ll like them.

Detailed explanation-2: -Which of the following is true about competitive pricing? It is at a medium level, somewhere in between extremes, using competitors’ prices as a starting point, and adjusting from there.

Detailed explanation-3: -Experience attributes are those that require some trial or consumption before evaluation. Credence qualities are those that are difficult to judge, even post-consumption. Goods are dominated by credence and experience qualities, and services are mostly comprised of experience and search qualities.

Detailed explanation-4: -The qualities of search, experience, and credence make it easier for marketers to communicate the benefits of an intangible service than to communicate the benefits of tangible goods. Service quality is easier to define and measure than the quality of tangible goods.

Detailed explanation-5: -Goods are dominated by experience and credence qualities, while services are mostly comprised of search and experience qualities.