Identify the benefits, which is not availed by a customer while purchasing a product?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- Saving Benefits.
Saving Benefits is not availed by a customer while purchasing a product.
From the customer’s point of view, a product is a bundle of utilities, which is purchased because of its capability to provide satisfaction of certain need. A buyer buys a product or service for what it does for her or the benefit it provides to her. There can be three types of benefits a customer may seek to satisfy from the purchase of a product, viz.,
(i) functional benefits,
(ii) psychological benefits, and
(iii) social benefits.
For example, the purchase of a motorcycle provides functional utility of transportation, but at the same time satisfies the need for prestige and esteem and provides social benefit by the way of acceptance from a group, by riding a motorbike. Thus, all these aspects should be considered while planning for a product.