What is a product mix? Describe briefly the salient features of the product mix.

Explanation

Product mix refers to the important decisions related to the product such as quality, design, packaging, branding, labeling, etc.

The features of a product are given below:

`(i)` A product is tangible. It is made of certain physical attributes such as shape, size, etc. It can be seen, touched and felt.

`(ii)` In addition to physical features, a product has certain attributes, which help customers to distinguish it from other products. Package, brand name, warranty, etc, are such associated activities.

`(iii)` A product has some value, which can be measured in terms of money.

`(iv)` Every product is meant to satisfy some needs and wants of human beings.