The term marketing encompasses many different activities, and it is necessary
to discuss some of the terms used in the definition of marketing, and
throughout the text. First, the term product refers to all of the goods and services
that are bundled together and offered to consumers. For example, computers
and automobiles are sold as tangible goods, but they include warranties
and service contracts as part of the overall product. Therefore, the term product
refers to both goods and services, but it is often thought of as a good or
commodity. Nearly every product sold includes both tangible and intangible
elements. Another term that is used to refer to the product as a bundle of
goods and services, and eliminate the confusion, is the product-service mix