Professional in Human Resources (PHR) Practice Exam

Question: 1 / 575

What does the term 'product' refer to in a business context?

Any activity undertaken to improve company image

Goods or services sold by an organization to make a profit

In a business context, the term 'product' specifically refers to goods or services that are sold by an organization to generate revenue and ultimately make a profit. This includes tangible items, such as physical goods, as well as intangible offerings like services, software, or digital products. The focus on profitability is crucial since the purpose of a product is not just to exist but to provide value to customers and contribute to the organization's financial success.

The other choices do not accurately encompass the definition of a 'product.' Activities aimed at improving company image, employee benefits, and research and development expenses are essential aspects of a business but do not directly relate to the core concept of what constitutes a product in terms of generating revenue.

Get further explanation with Examzify DeepDiveBeta

Employee benefits offered by the organization

Research and development expenses incurred by a business

Next Question

Report this question

Download Professional in Human Resources (PHR) Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy