November 26, 2014

What is a product

Product definition

How will you define a product? Or another question asked is What is a product?

One  can say a product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.

How an organization views a product depends upon its perspective.

The organizations that are production-oriented look at a product basically as a manifestation of resources used to produce it and the organizations that are marketing oriented view a product from the target consumer’s perspective as a bundle of benefits by benefits I mean to say functional as well as emotional benefits. Accordingly they will have to see how their consumers view their products. Most of the organizations have realized that there is no need to prepare a marketing mix for a product that offers few consumers benefits, because that product will not sell.

You have to consider the product from the target customer’s perspective. Like the cosmetic companies are combining chemicals to make lipsticks, vitamin manufacturers produce little pills, watch makers produce mechanical devices that keep time. -What are marketers doing they are basically enhancing their products for their target markets-as lipstick has becomes beauty and hope, vitamins become hope for a healthier life and watches become status symbols?

So we can say that a product therefore is a bundle of physical, chemical and / or intangible attributes that have the potential to satisfy present and potential customer wants. In addition to the physical Good itself, other elements include the warranty, installation, after sales service accessories and package. A customer buying an air-conditioner and a maintenance contract from Carrier Aircon is buying a different product than another who buys the same model without the maintenance agreement. Now lets discuss the levels, that are present in a product

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Hitesh Bhasin

Hitesh Bhasin

Admin at Marketing91
I love writing about marketing and advertising. How did you like the post? Kindly send me you suggestions and post ideas via Feedback or you can also Follow us on Email and get daily marketing updates.
Hitesh Bhasin
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About Hitesh Bhasin

I love writing about marketing and advertising. How did you like the post? Kindly send me you suggestions and post ideas via Feedback or you can also Follow us on Email and get daily marketing updates.

Comments

  1. Marketing matter discussed in this site is very informative and helpful. Tks!

  2. thank u for providing information on product.

  3. ojima perpetual says:

    Notify me of mrket update

  4. aashima gupta says:

    thnx for providing info .on product..!!