Final answer:
The collection of features, functions, packaging, and uses of a tangible item is referred to as Product attributes, which can be both tangible and intangible aspects of a product.
Step-by-step explanation:
The collection of features, functions, packaging, and uses of a tangible item is known as Product attributes. Product attributes encompass both physical attributes like size, color, and design, and intangible aspects such as the reputation for high quality, guarantees, and services included with the product. These aspects are crucial for product differentiation, which makes a product stand out from competitors through unique characteristics, both tangible and intangible. For instance, advertising can play a significant role in shaping the perceptions and preferences of consumers towards a product, even if there isn't a notable difference in taste or functionality. Differentiated products rely on these distinctive attributes to create a competitive edge in the market.