Product mix refers to the important decisions related to the product such as quality, design, packaging, branding, labelling, 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 moneys
(iv) Every product is meant to satisfy some needs and wants of human beings.