Solved: briefly define what is meant by a product. explain the characteristics that would

A product is defined as everything that a person receives in an exchange. It is anything that satisfies a need or want. It can be tangible good like clothes, a service like healthcare, an idea like artistic work or any combination of these three.

The characteristics of a product include both tangible and intangible attributes including color, price, prestige and services that satisfy the needs and wants of the people. Packaging, size, style and options are other important characteristics of product. Goods are tangible products that can be touched and seen. They are the physical products. A service is intangible product. It is the result of applying human or mechanical effort to people or objects. Other characteristics of services are inseparability, variability and perishability. Services cannot be separated from the service provider. It should be bought, produced and consumed at the same time. It cannot be kept for later use. Goods are often produced, bought and then consumed. Services are variable in quality depending on the factors like skill of the person providing service, the situations, the equipments used to provide service etc. goods do not vary in quality. Goods can be stored, but services cannot be kept for later use. It must be immediately consumed or its value perishes. An idea is any creation of an intellect that has a commercial value. This includes copyrighted properties like artistic works and literature or patents, business methods etc.

When we buy a computer it is a physical product or good. When the field engineer comes and installs the computer it is a service. When a company gets the patent for producing computers the product falls under idea.