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What is a product

December 29, 2017 By Hitesh Bhasin Filed Under: Product Management

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

Also Read  What is Product Labelling & what is the Importance of labelling?
Liked this post? Check out these detailed articles on Topic of Product Management

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About Hitesh Bhasin

Hi, I am an MBA and the CEO of Marketing91. I am a Digital Marketer and an Entrepreneur with 12 Years of experience in Business and Marketing. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. You will generally find me online at the Marketing91 Academy.

Related posts:

  1. Adaptation of product or Product adaptation
  2. Product mix and Product line
  3. Product line competition – How to compete on the basis of Product lines?
  4. Understanding the Product Hierarchy and Examples
  5. What is Product Strategy? How to develop a product strategy?
  6. What is Product Demonstration? Types of Product Demonstration
  7. Marginal Product: Definition and Examples of Marginal Product Explained
  8. Role of marketing in new product adoption
  9. Product Life Cycle
  10. Product Knowledge – Meaning, Importance and Types

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Comments

  1. jyothi says

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

    Reply
  2. durga says

    thank u for providing information on product.

    Reply
  3. ojima perpetual says

    Notify me of mrket update

    Reply
  4. aashima gupta says

    thnx for providing info .on product..!!

    Reply
  5. Asad says

    Thanks foR detail description on product

    Reply
  6. Rehab says

    Well I have used this to draft an article on marketing that hopefuly will be able to sell very helpful please update me thanks!!

    Reply
  7. eranda says

    thank you sir.. it is easy to understand.

    Reply
  8. Gilbert Seni says

    The levels present in a product wasn’t discussed

    Reply
    • Hitesh Bhasin says

      That is discussed in a different article – three levels of a product.

      Reply
  9. Law kesh says

    Marketing is the buying of goods and service for better transation

    Reply
  10. Ahmad Saif says

    The characteristics of products haven’t explained here. Can you please explain a bit about the characteristics of products? Thank you.

    Reply
  11. md abu raihan says

    PLC
    The Programmable logic controller is a device that can work in a simple process and can manage difficult work in a very simple way. It is usually an industrial computer control system that is designed to be a shock-resistant system incessantly monitors the state of an input device by the logic system and makes decisions based on it and deliver outputs.

    In every industrial section, to work fast and makes the difficult things simple and to change systems easily with the demand for production, the PLC has made a triumphal role in the age of industrialization.

    Generally, as the PLC system is in high demand, people need it in various ways. Many companies are invented many types of PLC. Among them, many are in a high demand. To buy PLC at a reasonable price in Bangladesh, one must know the ins and outs of a PLC system, their specifications and so on.

    To buy PLC at a reasonable price in Bangladesh, one has to get an idea of it and it only can possible if one has a thorough knowledge of it.

    There are so many PLC companies whose products are available in Bangladesh and actually very popular in the industrial sector. Among them, Siemens PLC, Delta PLC, Mitsubishi PLC, UniMat PLC are in a good position

    Let us have a look at these PLC systems in Bangladesh to buy PLC at a reasonable price.

    Reply
  12. Vasu says

    This is really a great wi site as in class it help me lot through a great example that cover whole chapter (targeting, positioning.)

    Reply

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