A "product" is best described as:
A) A purely physical entity.
B) An image in the mind of the consumer.
C) A need satisfying offering of a firm.
D) An intangible service.
E) All of the technical aspects of production.

Question

Quizplus · Accepted Answer

A product is an offering of a firm that satisfies the needs or wants of consumers. While it may have physical components, it also includes intangible elements such as branding and perception. Option A is too narrow, as a product can be more than just physical. Option B is not accurate, as the image in the mind of the consumer is more related to perception rather than the product itself. Option D is too limiting as products can be tangible as well. Option E is also too narrow, as technical aspects of production do not necessarily encompass all aspects of a product.

A "Product" Is Best Described As