MANAGEMENT

Detailed explanation-1: -Intangible products-travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting-can seldom be tried out, inspected, or tested in advance.

Detailed explanation-2: -Intangible products are goods sold by a company that are not physical in nature. The most popular are usually products that exist digitally, such as licenses and software. Despite not being a physical product, intangibles are still extremely valuable, though their value is a bit more difficult to sell.

Detailed explanation-3: -A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products. Examples of service businesses are salons, repair shops, schools, banks, accounting firms, and law firms.

Detailed explanation-4: -Examples of service intangibility include: Going to see a surgeon about your back pain. It’s impossible to be sure exactly how you’ll feel after the surgery for your back pain. You could feel like a new person, or you might be in worse shape.