"Product" means:
A) A physical good or service which offers potential customer satisfaction.
B) A physical good with all its related features.
C) The entire physical output of a firm.
D) All of the elements in a firm's marketing mix.
E) Something that has been produced, packaged, branded, and given a warranty.

Question

Quizplus · Accepted Answer

A product refers to a physical good or service that is offered by a company to potentially satisfy customer needs or wants. This can include both tangible (physical) and intangible (service-based) offerings. Option B is incorrect because it refers only to physical goods, while Option C refers to the entire output of a firm, not just its products. Option D is also incorrect because a product is only one element of the marketing mix, which includes product, price, promotion, and place. Option E describes a product that has undergone branding and packaging, but not all products necessarily require these elements.

"Product" Means