Question

Which of the following is the characteristic of a product?
1. Credit terms
2. Allowance
3. Variety
4. Discount

Answer 1

Correct Answer - Option 3 : Variety

The correct answer is Variety

Product is anything that can be offered to someone to satisfy a need or a want.

Following are the features of a product:

1. Product is one of the elements of a marketing mix or program.
2. Different people perceive it differently. Management, society, and consumers have different expectations.
3. The product includes both goods and services.
4. A marketer can actualize its goals by producing, selling, improving, and modifying the product.
5. Product is a base for the entire marketing program and there is a variety available.
6. In marketing terminology, a product means a complete product that can be sold to consumers. That means branding, labeling, color, services, etc., constitute the product.
7. The product includes total offers, including main qualities, features, and services.
8. It includes tangible and non-tangible features or benefits.
9. It is a vehicle or medium to offer benefits and satisfaction to consumers.
10. Important lies in services rendered by the product, and not ownership of the product. People buy services, and not the physical object.