Final answer:
A business where the major product is intangible and cannot be weighed or measured is a service-based business. These intangibles, shaped by factors like brand reputation and marketing, play a key role in product differentiation and consumer preference.
Step-by-step explanation:
A type of business where the major product is intangible, meaning it cannot be weighed or measured, is typically referred to as a service-based business. Intangible products are not physical goods, thus they include things such as guarantees of satisfaction, reputations for high quality, free delivery services, and the provision of loans for product purchases. An important aspect of intangible products is that some differentiation occurs in the minds of consumers, often as a result of advertising, which shapes preferences for brands despite a lack of significant tangible differences. For example, people might develop a strong preference for a certain brand of ketchup or mayonnaise not because of the actual taste, which can be nearly indistinguishable, but because of brand reputation and marketing.