Asked by Joseph Hasson on Jun 24, 2024
Verified
Briefly define a product. Explain the characteristics that would define a product, good, service, and an idea. Give an example of each.
Service
A service is an intangible economic activity offered by one party to another, often involving human or mechanical efforts to meet the needs or wants of the service buyer.
Good
A tangible product or item that consumers purchase to meet their needs or desires.
Product Line
A group of related products under a single brand sold by the same company.
- Acquire knowledge about the diverse types of consumer products and their distinct characteristics.
- Distinguish and organize products for consumers and for business purposes.
Verified Answer
NG
Nintai godloveJun 28, 2024
Final Answer :
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or something else of value. A good has tangible attributes that a consumer's five senses can perceive and intangible ones such as a warranty or delivery. They can also embody more abstract concepts, such as becoming healthier or wealthier. Goods can also be divided into nondurable goods, which are consumed in one or a few uses such as food products and fuel, and durable goods, which usually last over many uses such as appliances, cars, and smartphones. Services are intangible activities, such as a cruise, or benefits, such as convenience, that an organization provides to satisfy consumer needs in exchange for money or something else of value. An idea is a thought that leads to a product or action, such as getting people out to vote.
Learning Objectives
- Acquire knowledge about the diverse types of consumer products and their distinct characteristics.
- Distinguish and organize products for consumers and for business purposes.