A product consists of the benefits or customer value received by its sellers. is the cluster of benefits that an organization promises customers to satisfy their needs. is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value. consists of items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. is the set of intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.

Question

Business

Myles Mendez

20 October, 22:20

A product consists of the benefits or customer value received by its sellers. is the cluster of benefits that an organization promises customers to satisfy their needs. is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value. consists of items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. is the set of intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.

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Chaz Huerta · Answer 1

is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.

Explanation:

The most acceptable and correct definition of a product is that: A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.

It is not absolutely correct to say that a product: is the cluster of benefits that an organization promises customers to satisfy their needs, because this is a more suited definition for Customer value proposition

Micah · Answer 2

is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.

Explanation:

Generally we would define a product as something tangible that a business or an individual offer to a customer in order to satisfy the customer's needs and desires, and the business or the seller receives some type of compensation for the exchange.

But classical marketing theories also include intangible services (and concepts + ideas) when they are referring to products (the 4 Ps of marketing).

Since services alone now represent 45% of the American GDP, it has gained a lot of importance and have been "separated" from the classical product definition. Nowadays services have their own Ps, and they are 7.