Final answer:
A physical entity offered to a buyer is known as a tangible product, which has physical characteristics like size and color, and can be differentiated by these features or location.
Step-by-step explanation:
The physical entity that is offered to the buyer is defined as a tangible product. This refers to an item with physical characteristics that one can perceive with their senses. Many items that people purchase at some point, such as houses, land, art, rare coins, or stamps, fall into this category. These items are known as tangible because they have concrete, physical forms unlike intangible products, which are services or other products that do not have a physical presence.
Distinctive properties of tangible products can range from their physical aspects, such as size and color, to how they're advertised, like an unbreakable bottle or a nonstick surface. Businesses often seek to differentiate their products by enhancing these aspects, making them differentiated products. Location can also play a pivotal role in product differentiation; for example, a gas station at a busy intersection may have an advantage over one in a less trafficked area due to ease of access for consumers.