Defining a product means A. to identify components by a coding scheme that specifies size, shape, and the type of processing. B. to decide to produce a component or service or purchase from an outside source. C. to define the new good's or service's function. D. to list the hiearchy of components, their description, and the quantity of each required to make one unit of a product.

C) to define the new good's or service's function.

Explanation:

A product is the result of its tangible and intangible characteristics, so in order to define what a new product is, we must define what needs it satisfies and what it basically does. You cannot define a product just by its physical characteristics, because physically similar products can perform very different functions and satisfy different needs.

E. g. all iPhone models are similar, but some are more expensive than others because they have a faster processor, larger memory, and other features that differentiate them.

To define the new goods or services function.

Explanation:

Product can be defined as any goods, services or ideas that is utilized in satisfying the customer needs.

Product can also be described as the result of a process that is intended to be given to a consumer. A product is produced to be made available for consumers use.

A product can be classified as tangible and intangible.

Tangible product is a product that can be detected physically. Examples of tangible products include phone, television, table.

Non tangible product is a product that can be detected indirectly. Example of non tangible product is an insurance policy.