Question

Short Answer Type Question.
Product is a bundle of utilities. Do you agree? Comment.

Answer 1

In common parlance, the word ‘product’, is used to refer only to the physical or tangible attributes of a product. In marketing, product is a mixture of tangible and intangible attributes, which are capable of being exchanged for a value, with ability to satisfy customer needs.

I agree product is a bundle of utilities as it provides many benefits for the customers.

There can be three types of benefits a customer may seek to satisfy from the purchase of a product, viz., (i) functional benefits- when cap is worn to protect us from sunlight

(ii) psychological benefits- when the same cap is worn for looking smart and (iii) social benefits- when people find him looking good and appreciates him in front of a society.