Business Essentials, 12/e

Summary of Learning Objectives

Objective 12-1

1. Explain the definition of a product as a value package and classify goods and services.

Customers buy products to receive value that satisfies a want or a need. Thus, a successful product is a value package, a bundle of attributes that, taken together, provides the right features and offers the right benefits that satisfy customers’ wants and needs. Features are the qualities, tangible and intangible, that are included with the product. To be satisfying, features must provide benefits that allow customers to achieve the end results they want. The value package has services and features that add value by providing benefits that increase the customer’s satisfaction.

Products (both goods and services) ...