MARKETING:REAL PEOPLE,REAL CHOICES
10th Edition
ISBN: 9780135199893
Author: Solomon
Publisher: RENT PEARS
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Chapter 8, Problem 1QA
Summary Introduction
To define: About Goods and the difference between Tangible and Intangible products
Expert Solution & Answer
Answer to Problem 1QA
Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.
Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.
Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.
Explanation of Solution
Goods can be of many types.
Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.
Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.
Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.
Differences between Tangible and Intangible products are as
| Tangible Products | Intangible Products |
| ⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc. | ⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc. |
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Information related to Monty Co. is presented below.
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On April 5, purchased merchandise on account from Larkspur Company for $30,000, terms 2/10, net/30, FOB shipping point.
On April 6, paid freight costs of $910 on merchandise purchased from Larkspur.
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3.
On April 7, purchased equipment on account for $30,100.
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On April 8, returned $6,000 of merchandise to Larkspur Company.
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On April 15, paid the amount due to Larkspur Company in full.
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MARKETING:REAL PEOPLE,REAL CHOICES
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