MANAGEMENT

Detailed explanation-1: -Product. A product is any good or service that fulfills consumer needs or desires. It can also be defined as a bundle of utilities that comes with physical aspects such as design, volume, brand name, etc.

Detailed explanation-2: -Eventually, 3 elements have been added: people, packaging, and positioning. Product-refers to the tangible good or intangible service offered by the business to the target consumers.

Detailed explanation-3: -Services are intangible because they can often not be seen, tasted, felt, heard, or smelled before they are purchased.

Detailed explanation-4: -Size, color, touch, packaging, weight, volume, taste, quantity, and material composition are tangible product attributes. Intangible product attributes include quality, reliability, and aesthetics, among others.

Detailed explanation-5: -Intangible products-travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting-can seldom be tried out, inspected, or tested in advance.