Marketing Study Guide

A Product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. * A Service is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.Read also – CapSim Word Study GuidePrice is the sum of all the values that customers exchange for the benefits of having or using the product or service. * Price has been the major factor affecting buyer choice; nonprice factors have become more important in recent years. * Price is the only element in the marketing mix that produces revenues; all others represent costs.