Final answer:
The term 'product' in marketing is False when defined as only referring to goods. Products include both goods and services that are marketed and sold, encompassing a wide range of items and economic activities.
Step-by-step explanation:
In marketing, the term product does not refer solely to physical goods but encompasses both goods and services being marketed and sold. Therefore, stating that a product refers exclusively to goods being marketed and sold is False. Products can be consumer goods like shoes, cars, or computers, intended for individuals' use, or capital goods like bulldozers or cash registers, used for producing other goods and services. Services such as consulting, teaching, or haircutting are also considered products in the context of marketing.
Economic products, whether they are goods or services, must have some characteristics: they should be transferable, scarce, and useful, meeting the needs and wants of consumers. The product market is where these economic products are sold by businesses to consumers, with businesses earning revenue through these transactions.