Which term describes the item or service being sold to satisfy a consumer need or desire?

The term that describes the item or service being sold to satisfy a consumer need or desire is 'Product.' In marketing, a product encompasses both tangible goods and intangible services. It is at the core of the marketing mix, which is often summarized as the '4 Ps': Product, Price, Promotion, and Place.

A product fulfills customer needs or wants by providing specific benefits or value, whether it’s a physical item like a smartphone or a service such as a haircut. Understanding the product and its attributes is essential for businesses, as it helps them develop effective marketing strategies that resonate with their target audience.

In contrast, price refers to the amount of money customers must pay for the product, promotion encompasses the methods used to communicate the product’s merits and persuade consumers, and place involves the distribution channels through which the product is delivered to consumers. Each of these elements plays a supporting role, but it is the product that directly addresses what the customer seeks.