Tutor profile: Alexis T.
When looking at Service Marketing, what are the three service attributes and explain them.
First off, Service Attributes are what a consumer uses to evaluate what is important to them in a product and allows them to compare one product to another to decide which one is a better offer for them. With the three service attributes there is search attributes, experience attributes, and credence attributes. 1.) Search attributes are the tangible characteristics that a consumer can view before a purchase. It can be location of a service, what services are offered, and the price of the service. 2.) Experience Attributes can't be viewed before a purchase. Experiences could be ease of use, customer support, and reliability. For example, if you go to a concert (the band is performing a service for you by playing live music) you won't be able to tell how much you've enjoyed the live performance, the ease of getting into/out of the venue, or the whole atmosphere of the place until you experience it for yourself. 3.) Credence Attributes are those that challenging for customers to use for evaluation of the product. When booking into a hotel, you can't very well control how well the workers clean the room. They can do a basic swapping of sheets, but you aren't sure of what detergent they use to wash it with and other specifics.
When demand for a product is high, how does that affect the quantity of production and price?
When demand for a product is high, the price will rise as companies will wish to receive more from their consumers, because they assume people will continue to buy the goods for a higher price, when in reality the quantity consumed will go down. The quantity of goods produced will also go up, as companies wish to receive the money from their consumers.
By solving the inequality 5a < 46, the answer will be...
1.) To start off solving the equation, we have to get the variable "a" alone. To do this we would need to divide the 6.7 from both sides, because the a is being multiplied by the 5. Note: To get the variable alone, you have to do the opposite of what is being done. Ex: if it's being added, we subtract. 2.) So when we divide each side our new equation will look like a < 46 / 5 3.) We would then take the 46 and divide it by 5 to get the variable of a to solve our equation a < 9.2 4.) What this tells us is that we can use any number under 9.2 for our variable "a" for the equation to be true and if we use any number larger than 9.2 for "a" the equation will be untrue. 5.) I like to always double check my answers so we can do this by simply using two numbers, one above 9.2 and one below 9.2 to make sure that "a" truly has to be less than 9.2. For checking our equations, we will use 9.15 and 9.25 5(9.15) < 46 45.75 < 46, which is a true statement! 5(9.25) < 46 46.5 < 46, which is an untrue statement, so we can see that our work is correct and makes sense!