MBAA 604: Managerial Accounting
& Decision Making
◉ The difference between a goods and a service. Answer: a good is
tangible or physical product that someone will buy, tangible meaning
something you can touch, and a service is when you pay for a skill. A
service is something intangible.
◉ Pure good. Answer: those which represent just a product
◉ Pure service. Answer: those which represent just a service
◉ Mixture of good and service. Answer: those that represent both a
product and a service
◉ Convenience products. Answer: items that the consumer purchases
frequently, conveniently, and with a minimum of shopping effort
◉ Shopping products. Answer: items for which the consumer compares
several alternatives on criteria such as price, quality, or style
◉ Specialty products. Answer: items that the consumer makes a special
effort to search out and buy
, ◉ Impulse items. Answer: Products that people purchase without
planning for it, such as magazines or candy bars.
◉ Staple goods. Answer: products that are regular, routine purchases
◉ Installations. Answer: to promote a message or product, or to raise
awareness of a brand
◉ Accessory equipment. Answer: goods, such as portable tools and
office equipment, that are less expensive and shorter-lived than major
equipment
◉ Component parts and materials. Answer: Finished business products
of one producer that become part of the final products of another
producer.
◉ Raw materials. Answer: the basic material from which a product is
made.
◉ Supplies. Answer: consumable items that do not become part of the
final product
◉ Business services. Answer: Services that primarily meet the needs of
other businesses, including professional, financial, and transportation
services
& Decision Making
◉ The difference between a goods and a service. Answer: a good is
tangible or physical product that someone will buy, tangible meaning
something you can touch, and a service is when you pay for a skill. A
service is something intangible.
◉ Pure good. Answer: those which represent just a product
◉ Pure service. Answer: those which represent just a service
◉ Mixture of good and service. Answer: those that represent both a
product and a service
◉ Convenience products. Answer: items that the consumer purchases
frequently, conveniently, and with a minimum of shopping effort
◉ Shopping products. Answer: items for which the consumer compares
several alternatives on criteria such as price, quality, or style
◉ Specialty products. Answer: items that the consumer makes a special
effort to search out and buy
, ◉ Impulse items. Answer: Products that people purchase without
planning for it, such as magazines or candy bars.
◉ Staple goods. Answer: products that are regular, routine purchases
◉ Installations. Answer: to promote a message or product, or to raise
awareness of a brand
◉ Accessory equipment. Answer: goods, such as portable tools and
office equipment, that are less expensive and shorter-lived than major
equipment
◉ Component parts and materials. Answer: Finished business products
of one producer that become part of the final products of another
producer.
◉ Raw materials. Answer: the basic material from which a product is
made.
◉ Supplies. Answer: consumable items that do not become part of the
final product
◉ Business services. Answer: Services that primarily meet the needs of
other businesses, including professional, financial, and transportation
services
