Technology acquisitions involved bringing in new technologies from external sources rather than using a firm's own internal research and development activities. Q4 (a) Describe TWO (2) reasons why firms need technology acquisitions using appropriate examples.

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Product and Service Classification

Classification of goods and services categorized between industry and customer goods is known as Product and Service classification. It is based on brands, quality, and quantity which companies deliver to the concerned client. Industrial goods are produced for industrial work, whereas consumer goods are produced for personal consumption by the customers. Marketing and sales need technological methods, a healthy environment, proper market strategies, marketing environment in terms of productivity and profit.