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How can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
Tourism is generally a service rather than a physical product?
Tourism is generally considered a service. Tourism is not a physical product because you cannot take the environment home with you.
What factors are considered when calculating willingness to pay for a product or service?
When calculating willingness to pay for a product or service, factors such as the perceived value of the product, the customer's income level, the availability of substitutes, and the customer's preferences and needs are taken into consideration.
Can a product be a service?
NO! A product is different from service. An example of product is Milk, Mobile phone, TV, Car, etc. An example of service is insurance, medical care (but medicine is product), etc. The government marks use for service is SM, which stands for service mark, while for product it is TM, which stands for Trademark.
What determines a demand for a product?
Purchase power,income level,necessarity,willingness
Would a talk show be considered a product or a service?
A service
Does target market means costumers?
Yes, for a company or organization that offers service and consumed products. The target market are the type and age of people that the service or the product is being adevertised to or expected to be consumed by.
Who are considered to be product or service market stakeholders?
customers and vendors
How can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
Is an electric stapler considered a good or service product?
It is a good. If you take documents to a bindery to have them stapled, the stapling is a service.
What criteria should be considered when awaiting a recommendation for a product or service?
When waiting for a recommendation for a product or service, consider factors such as the credibility of the source, the relevance of the recommendation to your needs, the reputation of the product or service, and any potential biases that may influence the recommendation.
Tourism is generally a service rather than a physical product?
Tourism is generally considered a service. Tourism is not a physical product because you cannot take the environment home with you.
Would an event ticket be considered a product or a service?
An event ticket is generally considered a product because it represents a tangible item that grants access to a specific event. However, it also encompasses the service aspect, as it provides the experience of attending the event itself. Ultimately, while the ticket is a product, its primary value lies in the service it facilitates.
What factors are considered when calculating willingness to pay for a product or service?
When calculating willingness to pay for a product or service, factors such as the perceived value of the product, the customer's income level, the availability of substitutes, and the customer's preferences and needs are taken into consideration.
Is not providing a product for a paid service through the mail considered a felony?
yes - mail fraud
What is service revenue on an income statement?
Generally Service Revenue is nothing more than Revenue made by providing a service. If you paint a persons house for $5,000, you provided a service and the Revenue you brought in due to that service is considered SERVICE REVENUE.
Is car modifying a professsion?
Any job that pays you money for providing a product or service can be considered a profession.
