Question

'Product is a bundle of utilities'. Do you agree?
Comment.

Answer 1

Yes, I agree with this statement. It can be explained with the help of an example. On wearing a shirt, we get the following satisfaction:

(i) Functional satisfaction: To wear the shirt and cover the body with it.

(ii) Psychological satisfaction: To feel more confident and active after wearing the shirt provides psychological satisfaction.

(iii) Social satisfaction: Getting recognition after wearing a shirt from a group of known people is social satisfaction.