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Question
Explain the features of a product.
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Solution
The features of a product are given below:
- Tangibility: A product is tangible. It has certain physical attributes, such as shape and size, and can be seen, touched, and felt.
- Associated Attributes: In addition to physical features, a product has certain attributes which help customers to distinguish it from other products. Package, brand name, warranty, etc., are such associated attributes.
- Life Cycle: Every product has its life cycle which consists of introduction, growth, maturity and decline stages.
- Exchange Value: A product has some value which can be measured in terms of money.
- Need Satisfaction: Every product is meant to satisfy some human need.
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