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Unformatted text preview: Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline Intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value Services are a performance rather than an object Variability in the quality of services due to variability in people who deliver the service Services are difficult to separate from deliver of the service The cost of maintaining the ability to deliver a service Consists of charging different prices during different times of the day or days of the week to reflect variations in demands for the service The money or other considerations (including other goods and services) exchanged for the ownership or use of a good or service Total revenue total cost or (unit price x quantity sold) The total expense incurred by a firm in producing and marketing a product. Total cost (TC) equals the sum of fixed cost (FC) and variable cost (VC) or TC = FC + VC The sum of the expenses of the firm that are stable and do not change with the quantity of a product that...
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- Spring '08