GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Product
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Seller
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Market
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Purchaser
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Detailed explanation-1: -Solution. Product. Concept: Concept of Marketing Mix.
Detailed explanation-2: -Utility refers to the total satisfaction or value that you get from consuming a particular product or service. Utility values are critical for determining why different goods have different costs and levels of demand. Products with higher utility usually have more demand, meaning they can command higher prices.
Detailed explanation-3: -Thus, a product is said to be a bundle of utilities and a buyer while buying a product values all such kinds of utilities.
Detailed explanation-4: -Yes, product is a bundle of utilities, which is purchased because of its capability to provide satisfaction of certain need. A buyer buys a product or service for what it does or service for what it does for her or the benefits it provides.
Detailed explanation-5: -W. Alderson has defined product as a bundle of utilities. A product is said to be bundle of utilities because it offers various physical and psychological benefits that the marketer wants to offer or we can say it fulfils bundle of expectations of customers.