What term refers to any physical or non-physical item purchased by either commercial or private customers?

• A. Service.
• B. Product.
• C. Brand.
• D. Good.

Answer: (B)

This question tests understanding that a product covers everything a business offers for sale to satisfy customer needs, whether tangible or intangible. Because a product can be a physical item (a good) or a non-physical offering (a service), it fits the description of what is purchased by both commercial and private customers. A good is only tangible, so it wouldn’t include non-physical offerings. A service is intangible and wouldn’t cover physical items. A brand is just the identity or perception of a product, not the item itself. Therefore, the broad term that fits all cases is product.