A product is anything that can be offered to satisfy a need or want. Offering and solution are synonyms to the product in marketing context.
A product of offering can consist of as many as three components: physical good(s), service(s), and idea(s).
Value is the consumer’s estimate of the product’s overall capacity to satisfy his or her needs.
Value is “the satisfaction of customer requirements at the lowest possible cost of acquisition, ownership, and use. (DeRose)
Philip Kotler (Marketing Management, 9th Edition)
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