Professional Documents
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NRP: 5010201119
1. Please give brief explanation about product function, product characteristics, product
meaning, and product value.
Product function= Relationship between the quantity of output and the quatity of
input in production process and it also can be classified as Fixed Proportion
Production Function, Variable Proportion Production Function, Linear Homogeneous
Production Function, Cobb. Douglas Production Function, and Constant Elasticity of
Substitution.
Product characteristics= There are 5 of it. First is physical look, what is the physical
product looks like, it has to be able to be described. Then the purpose of the product,
the product have to have the purpose for the consumer, will it make the consumer’s
life easier? Then craftmanship, the product has to be made well so it will last long for
the consumer. Then the price is very important, a business have to determine the fair
price to compete with the market. Then, the comparing criteria, a business have to be
able to know about their competitor and analyze how their product is better than their
competitor’s product.
Product meaning= Product is an item that offered for sale or an output from a
production process. Product can be a physical form (item) or a service.
Product value= Costumer’s benefit that they got from using the products that satisfy
them
3. Please explain and identify each phase from product life cycle and choose one product to
illustrate with product life cycle phase.