Which of the Following Best Defines Formal Product

question 36

Multiple Choice

Which of the following best defines formal product?

• A) It is the totality of all benefits received or experienced by the customer
• B) It is what the customers think they are buying and can be defined as what the customer can easily articulate
• C) It is what the customer is really buying and often consists of abstract and intangible attributes
• D) All of the above define formal product

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Definitions:

Consumption

The action of using up a resource or the purchase of goods and services by households.

APS

A generic term potentially referring to various organizations or concepts; without specific context, a precise definition cannot be provided. If referring to economic terms, it might be erroneous or too vague without further context.

Disposable Income

Disposable income is essentially the finance available for individuals or families to save or expend after all income tax charges have been subtracted.

Autonomous Consumption

Consumer spending that does not depend on current income, influenced instead by factors like wealth and basic needs.