Briefly define a product. Explain the characteristics that would define a product, good, service, and an idea. Give an example of each.

A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or something else of value. A good has tangible attributes that a consumer's five senses can perceive and intangible ones such as a warranty or delivery. They can also embody more abstract concepts, such as becoming healthier or wealthier. Goods can also be divided into nondurable goods, which are consumed in one or a few uses such as food products and fuel, and durable goods, which usually last over many uses such as appliances, cars, and smartphones. Services are intangible activities, such as a cruise, or benefits, such as convenience, that an organization provides to satisfy consumer needs in exchange for money or something else of value. An idea is a thought that leads to a product or action, such as getting people out to vote.