Final answer:
A marketer defines a product as anything that is offered for sale in the product market to meet customer needs, including goods and services. Products are differentiated by physical characteristics, location, intangible aspects, and perception, making them unique compared to competitors' products.
Step-by-step explanation:
In the context of marketing, a marketer would define a product as anything offered in the product market to satisfy the needs or wants of potential customers. This includes tangible goods or services that a business produces and sells to households in exchange for money. The main objective for businesses in the product market is to earn revenue through these transactions.
A product is not just limited to its physical characteristics; it encompasses several attributes that can differentiate it from competitors’ offerings. These differentiating factors might include the physical aspects of the product, such as design and features advertised with phrases like unbreakable bottle or nonstick surface, the location where the product is sold, and intangible aspects such as brand reputation or customer support. The perceptions of the product also play a crucial role in its differentiation. Differentiated products are those that have distinct attributes in one or more of these areas, helping them stand out in the marketplace.
A marketer would define the term product as a good or service that is offered by a business to be sold to consumers in the product market. It can refer to physical items like electronics or clothing, as well as intangible services like banking or tourism.
For example, a smartphone is a product that can be marketed to consumers. It has physical aspects like its design and features, as well as intangible aspects like its brand reputation and customer service.
In addition, a product can also be differentiated from competitors through various factors such as its physical attributes, location of sale, intangible features, and consumer perceptions.