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Question
Mention the main features of a product.
Answer in Brief
Solution
- Physical Configuration: A product is made of physical stuff such as shape, size, etc. It can be seen, touched and felt.
- Associated Attributes: A product also consists of associated attributes that distinguish it from other products. These include size design, package design, branding, warranty, trade mark, etc.
- Satisfaction of Want or Need: A product satisfies a customer's want or need. For example, a car offers the benefit of transportation, and a pair of shoes provides protection for our feet.
- Life cycle: Every product has to pass through a life cycle which consists of introduction, growth, maturity and decline.
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Meaning and Nature of Product
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