Final answer:
Product benefits include appeals to the senses and the quality of the merchandise, but they do not consist of manufacturing details, lists of ingredients, environmental impacts, or company history. Intangible factors like a satisfaction guarantee, reputation for quality, and the influence of advertising also differentiate products. Physical attributes like durability or convenience features can offer competitive advantages.
Step-by-step explanation:
Product benefits can encompass a variety of attributes that affect customer perception and decision-making. They often appeal to the senses, relate to the quality of the merchandise, and how it can provide enjoyment or answer the question 'why a customer should buy it'. However, these benefits do not typically include a list of ingredients, a detailed description of the manufacturing process, an explanation of the product's environmental impact, or an overview of the company's history and values. These items are considered supportive information but do not directly constitute a product's benefits to consumers. Intangible aspects also play a critical role in product differentiation. Promises like a guarantee of satisfaction or money back, a reputation for high quality, services like free delivery, or financing options like offering a loan for the purchase can distinguish a product in the market. Furthermore, product differentiation occurs in the minds of consumers, significantly influenced by advertising that shapes preferences for brands even when physical differences between products, like taste, may be undetectable. Physical aspects are those directly observable or experienced through usage. These can include features advertised as an unbreakable bottle, nonstick surface, freezer-to-microwave convenience, non-shrink materials, or a product being extra spicy. The location of a firm, such as a gas station at a busy intersection, can also create a competitive edge due to higher visibility and accessibility.