True or False: The word 'product' in marketing can refer only to physical goods.

The assertion that 'product' in marketing does not refer solely to physical goods is accurate. In marketing terminology, a product encompasses a broad range of offerings, including services, experiences, and intangible items. While physical goods are certainly a part of this definition, the concept of a product is much more inclusive.

For instance, in the hospitality industry, products include not only tangible items like food and beverages but also services such as lodging, customer service, and the overall experience a guest receives during their stay. This shift in understanding recognizes that emotional and experiential aspects—such as brand reputation or customer loyalty—also constitute products in the marketing landscape.

Other options suggest limitations or specific contexts that do not encompass the true breadth of the term. Marketing recognizes that both tangible and intangible elements hold value for consumers, which is essential in crafting effective strategies that meet diverse customer needs and preferences.