Question

Identify the incorrect statement with respect to ‘Product’ as an element of Marketing Mix :

• A. A buyer buys a product or service for what it does or the benefit it provides.
• B. A product is a bundle of utilities, which is purchased because of its capability to provide satisfaction of a certain need.
• C. A customer may seek to satisfy functional, promotional and technological benefits from the purchase of a product.
• D. Product relates to not only the physical product, but also the benefits offered by it from the customer’s view point.

Hint:

Think of the three types of benefit a buyer seeks from a product. Promotional is not one of them, so find that statement.

Answer 1

The Correct Option is C

Step 1: Understand the concept:
Product is one of the four elements of the marketing mix. It means the goods, services or ideas that a firm offers to the market.
A buyer does not pay only for the physical item. The buyer pays for the satisfaction and the benefit that the item gives.
The question asks for the incorrect statement, so we check each statement one by one and find the false one.

Step 2: Check option (A):
(A) says a buyer buys a good or service for what it does or the benefit it provides.
This is correct. A person buys a pen to write, not just to own plastic and ink. So (A) is a true statement and cannot be the answer.

Step 3: Check option (B):
(B) says a product is a bundle of utilities, bought for its capability to satisfy a need.
This is also correct. A utility is the power of a thing to satisfy a want. A phone gives the utility of talking, camera and internet together.
So (B) is a true statement and cannot be the answer.

Step 4: Check option (C):
(C) says a customer may seek functional, promotional and technological benefits from a product.
This is the incorrect statement. A customer seeks functional benefits (what the item does), social benefits (status, acceptance) and psychological benefits (pride, comfort).
Promotional is wrong, because promotion is a separate element of the marketing mix used to inform and persuade buyers. It is not a benefit that a buyer gets from using a product.
Technological is wrong too, as it is not one of the benefit types listed in the chapter.

Step 5: Check option (D):
(D) says product relates to not only the physical product, but also the benefits offered by it from the customer viewpoint.
This is correct. A product includes the item, its brand, package, label and after sale service, all seen from the buyer side.
So (D) is a true statement and cannot be the answer.

Final Answer:
Option (C) is the incorrect statement, because the benefits a customer seeks are functional, social and psychological, not promotional and technological.