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Question
Mention the main features of a product. Explain any two in detail.
Solution
A product means anything tangible that can be offered to a market for attention, acquisition, use or consumption that can satisfy a want or need. It consists of physical objects and tangible attributes such as colour, package, manufacturer's name, retailer's prestige, etc.
Main features:
- Tangibility
- Associated Attributes
- Life Cycle
- Exchange Value
- Need Satisfaction
The features of a product are given below:
- Tangibility: A product is tangible. It has certain physical attributes, such as shape and size, and can be seen, touched, and felt.
- Associated Attributes: Besides physical features, a product has certain attributes that help customers distinguish it from other products. These attributes include package, brand name, warranty, etc.
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