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. Product is anything that is capable of satisfying customer needs.
Product – Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Products are created as a result of an art or many arts. A product can be characterized by:
- Its means (how it is made),
- Material (what it’s made of),
- Form (shape and style), and
- Function (how it works).
There are four classes of products:
- Artifacts/physical objects
- Activities and services
- Organizations and systems
In marketing, the term “product” is often used as a catch-all word to identify solutions a marketer provides to its target market. The term “product” to cover offerings that falls into one of the following categories:
Something is considered a good if it is a tangible item. That is, it is something that is felt, tasted, heard, smelled or seen. For example, bicycles, cell phones, are all examples of tangible goods.
Something is considered a service if it is an offering a customer obtains through the work or labor of someone else.
Services can result in the creation of tangible goods (e.g., a publisher of business magazines hires a freelance writer to write an article) but the main solution being purchased is the service.
Unlike goods, services are not stored, they are only available at the time of use (e.g., hair salon) and the consistency of the benefit offered can vary from one purchaser to another (e.g., not exactly the same hair styling each time).
Something falls into the category of an idea if the marketer attempts to convince the customer to alter their behavior or their perception in some way.
Marketing ideas is often a solution put forth by non-profit groups or governments in order to get targeted groups to avoid or change certain behavior.
Product can be define with two ways:
- Narrow Sense (Classical Approach to proudct)
- Broad Sense (Modern Approach to product)
1. Narrow Sense
A product is a set of basic characteristic assembled in an identifiable form or product is a set of tangible, physical and chemical attributes assembled in identifiable form. Such as personal computer, steel, pen etc.
2. Broad Sense
Product means all those things, offer by the company to satisfy the customer. But According to the Walliam J. Stanton “product is a set of tangible and intangible attributes include packaging, price, quality and brand plus seller services and reputation.
Today, as products and services become more commoditized, many companies are moving to a new level in creating value for their customers. To differentiate their offers, beyond simply making products and delivering services, they are creating and managing customer experiences with their brands or company.