Which term encompasses the features and benefits of a product as understood by the customer?

The term that encompasses the features and benefits of a product as understood by the customer is the Customer Benefit Package. This concept emphasizes the value that customers derive from a product, which includes not only the physical features of the product itself but also the additional services and experiences that enhance its appeal and usability.

The Customer Benefit Package is integral to understanding how a product meets the needs and expectations of the target market, leading to customer satisfaction and loyalty. It encapsulates the entire range of offerings that create value for the customer, thereby reinforcing the importance of aligning product features with customer perceptions and desires.

In contrast, competitive analysis focuses on evaluating competitor products and strategies, while market segmentation involves dividing a broad customer base into distinct groups based on specific characteristics. Supplier assessment, on the other hand, is related to evaluating the performance and reliability of suppliers in providing the necessary materials or components for production. None of these terms directly capture the comprehensive understanding of product features and benefits from the customer's viewpoint that the Customer Benefit Package does.