BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The word product can only be defined as a general term that includes services and goods. Marketing is an exchange: the company offers something (e.g., a flight), and the customer offers something in return (e.g., a payment). Some customers will seek value and low prices, while others seek top quality.

Detailed explanation-2: -Which of the following is the correct definition of a product? A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Detailed explanation-3: -What Is a Customer? A customer is an individual or business that purchases another company’s goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist.

Detailed explanation-4: -A product is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange. In essence, the term “product” refers to anything offered by a firm to provide customer satisfaction, tangible or intangible.

Detailed explanation-5: -Which of the following is a difference between pure goods and pure services? Pure goods are products that do not include any services, while pure services are products that do not include any goods.