Final answer:
Storage and protection of a product are functional benefits of packaging, which involve practical aspects like product safety and ease of use, but packaging also provides informational and aesthetic benefits.
Step-by-step explanation:
Storage and protection of a product are considered functional benefits offered by packaging and labels. These physical aspects of a product are critical in product differentiation and can have a significant impact on a customer's decision. Features such as an unbreakable bottle, nonstick surface, or freezer-to-microwave capability highlight the functional side of product packaging.
Even the location of a firm can be a functional benefit, such as a gas station placed at a busy intersection likely to see more business. Packaging that provides functional benefits aims to improve the customer's experience by offering convenience, protecting the item, and ensuring product safety throughout its lifecycle. While functional benefits primarily address practicality and usability, informational benefits and aesthetic benefits also play essential roles in packaging and labeling by offering product information and appealing to the senses, respectively.