Final answer:
The core benefits consumers require from products in a market are identified by both physical features such as durability and functionality, and intangible aspects like guarantees and brand reputation.
Step-by-step explanation:
The "core benefits" required by all consumers in a product-market are identified by the physical and intangible dimensions. The physical aspects of a product can include features advertised in commercials, such as an unbreakable bottle, nonstick surface, or being freezer-to-microwave compatible.
A company's location can also create a competitive edge, like a gas station at a busy intersection or a supplier located near a car factory. Additionally, the intangible aspects, such as guarantees of satisfaction, reputation for high quality, and free delivery services, can significantly differentiate products.
These aspects, coupled with advertising, shape consumer preferences and contribute to product differentiation in the minds of buyers.