What term describes the individual who ultimately uses or consumes a product?

The term that describes the individual who ultimately uses or consumes a product is "Consumer." A consumer is the end user of goods or services, distinguishing them from other participants in the marketplace such as customers who might buy products for resale or suppliers who provide the product to other businesses.

In the context of business, understanding the role of consumers is vital for companies because they are the target for marketing strategies and are directly influential in determining the success of a product in the market. Consumers drive demand and their preferences shape what businesses produce. This term is particularly relevant within the context of consumer behavior, market research, and product development.

On the other hand, a customer is someone who purchases the product, which may not necessarily be the same as the individual who consumes it. Suppliers are those who provide products or services, and marketers are involved in promoting and selling products rather than using them. Thus, "Consumer" accurately encapsulates the individual who directly engages with and utilizes the product, making it the correct choice.