Products and Services Quiz

In marketing, a product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. A desire or need itself is the precursor to product development, not the product itself.

In the context of retail, products are commonly referred to as merchandise.

A tangible product is a physical item that can be touched, seen, and owned. A building is something you can physically interact with.

Consumer products are classified as convenience, shopping, specialty, and unsought products. 'Unsought products' is therefore incorrect, it is a defined class.

Business products include materials and parts, capital items, and supplies and services. Raw materials therefore fits this classification.

The six strategic product development options include new products for new markets, new products for current markets, product improvements for current markets, product improvements for new markets, product line extensions, and repositioning.