Question

Short Answer Type Question.
'Product is a mixture of tangible and intangible attributes'. Discuss.

Answer 1

Generally, the word ‘product’, is used to refer only to the physical or tangible attributes of a product. For example, we say we have bought a house or a smart watch. Our decision to buy a product is not only affected by its physical qualities, but also by certain intangible and psychological factors, e.g., brand name, reputation, guaranty, packaging etc. Let us say, when a person buys a car, he/she is not just buying a few nuts and bolts, an engine, four wheels and so on. Rather he/she is buying a means of transport, a status symbol, guarantees and warranties accompanying the product, image of the company and many other such attributes. Thus, 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.