Class 12 Business Studies - Chapter Marketing NCERT Solutions | Product is a bundle of utilities. Explai

Welcome to the NCERT Solutions for Class 12th Business Studies - Chapter Marketing. This page offers a step-by-step solution to the specific question from Exercise 2, Question 3: product is a bundle of utilities explain....
Question 3

Product is a bundle of utilities. Explain.

Answer

Yes, product is a bundle of utilities. It can be explained with the help of an example. On wearing a shirt, we get the following satisfactions:

  1. Functional satisfaction: To wear the shirt and cover the body with it.
  2. Psychological satisfaction: To feel more confident and active after wearing the shirt provides psychological satisfaction.
  3. Social satisfaction:Getting recognition after wearing shirt from a group of known people is social satisfaction.

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