The concept of product as a bundle of benefits is the theory which seeks to explain a product from the viewpoint of a consumer.
Products are what marketers supply in exchange for customers' money. From the producer's viewpoint, a product is the end result of combining factors of production, i.e. labour, raw materials, capital and enterprise, but from a customer's viewpoint the product is defined by the benefits it provides. Since marketing involves seeing everything the firm does from the viewpoint of the customer, marketers define products as bundles of benefits.
A distinction needs to be made here between a feature and a benefit. A product feature is something that describes the product in terms of ...
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