MARKETING
9th Edition
ISBN: 9780324362084
Author: Lamb
Publisher: CENGAGE L
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Question
Chapter 10, Problem 1LO
Summary Introduction
To discuss: The meaning of product.
Expert Solution & Answer
Explanation of Solution
The meaning of product is as follows:
A product can be defined as a thing that could be provided in the market for acquisition, attention, consumption, or for utilization, which may satisfy a need or a want. The goal of purchase decision is to obtain intangible or tangible advantages related with a product. Tangible goods include a pair of slippers or haircut service. Intangible qualities include goodwill and the sellers’ image.
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