A product characteristic is an attribute or property of the product that describes the product's ability to satisfy its purpose in a larger system.
differentiated product only no entry either homogeneous or differentiated product difficult entry
Developed countries have high levels of living standards. The characteristics they share are: a high GDP or gross domestic product per capita, industrialization and a very high Human Development Index or HDI rating.
A perfectly competitive market has many competitors. There is no one competitor that has more say in product prices within the industry.
A product must possess a few key characteristics to be considered wealth: it should have intrinsic value, meaning it holds worth beyond mere perception; it should be scarce, as limited availability increases desirability; and it should be durable or have longevity, allowing it to retain value over time. Additionally, it often needs to be transferable, enabling ownership changes that can facilitate trade and investment.
An example of a nondurable goods product is food items like fruits and vegetables. These products have a short lifespan and are consumed quickly. They are typically perishable and need to be consumed within a short period of time before they spoil.
The objective characteristics of a product are its physical attributes and features that can be measured and observed, such as size, weight, color, material, and functionality.
Characteristics of a product are products are tangible,products can see,
1.demand characteristics. 2.market characteristics. 3.product characteristics. 4.price characteristics. 5.place or distribution characteristics. 6.promotional characteristics. 7.behavioral characteristics.
E.g Bread and Butter
Class characteristics are features that are common to a group of items, like the type of material used in a product. Individual characteristics are unique features that make an item distinct from others in that group, such as a specific serial number on a product.
good quality saisfation etc
Demand and urge for change
no
Goods are described as any tangible product that is traded or sold. The characteristics of goods are physical properties and marketability.
The level at which a product's primary characteristics operate is typically at its baseline functionality or performance specifications. This is the level at which the product is designed to function optimally and provide its intended benefits to the user. Deviations from this level may result in reduced efficiency or effectiveness of the product.
informed consumers are aware of what is inside the product they have bought, they ask questions and have knowledge about the risks and benefits of the product
informed consumers are aware of what is inside the product they have bought, they ask questions and have knowledge about the risks and benefits of the product