Bifalgorithm post · IntroductionToBusiness OP 8D04gAa · 2026-10-07-36573 · 11.6. What Is a Product?*

What is a product and how does it create customer value?

What is a product and how does it create customer value? (IntroductionToBusiness OP 8D04gAa · 2026-10-07-36573 · 11.6. What Is a Product?*) — "The goal of mark…

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Marketing research links product development to customer value and organizational goals.
Its goal is to create products desired by the chosen target markets.
Product development must align with the organization’s goals and strategic markets.
A product can be a good, service, or idea.
Perceived attributes and benefits enable the product to create customer value.
Tangible attributes are observable product features.
Examples of tangible attributes include packaging and warranties.
Intangible attributes are symbolic or relationship-based features.
Examples include brand image and the depth of the service-provider relationship with the customer.
Consumers consider both tangible and intangible attributes when choosing products.
When buying jeans, consumers may consider price, brand, store image, and style.
These purchasing factors are part of the marketing mix.

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IntroductionToBusiness OP 8D04gAa · 2026-10-07-36573

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"The goal of marketing research is to create products that are desired by the target market(s) chosen as strategic markets in line with the organization’s goals. In marketing, a product (a good, service, or idea), along with its perceived attributes and benefits, creates value for the customer. Attributes can be tangible or intangible. Among the tangible attributes are packaging and warranties as illustrated in Exhibit 11.5. Intangible attributes are symbolic, such as brand image. Intangible attributes can include things like image as well as the depth of the relationship between a service provider and a customer. People make decisions about which products to buy after considering both tangible and intangible attributes of a product. For example, when a consumer buys a pair of jeans, he or she considers price, brand, store image, and style before making the purchase. These factors are all part of the marketing mix."

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