The term ‘product’ is widely used to refer a market offering of any kind.
The term ‘product’ is widely used to refer a market
offering of any kind. In its broadest sense this may be anything from the physical
to the abstract – an idea or a moral issue. Generally, however, most products
are made up of a combination of physical elements and services. This is true in
services marketing, where the service offering can include tangible features,
such as food in a restaurant, or be a ‘pure’ service, intangible in nature.
A service product refers to an
activity or activities that a marketer offers to perform, which results in
satisfaction of a need or want of predetermined target customers. It is the
offering of a firm in the form of activities that satisfies needs such as hair
styling done by a barber.
Consumers will buy only what
suits them. As customers, we buy different kinds of products and services to
satisfy our various needs. We buy toothpaste, butter, shaving cream, pen,
scooter, and ticket for the U.S.A and many other such items in our daily life.
As we understand, our decision to
buy an item is based not only on its tangible attributes but also on
psychological attributes such as services, brand, package, warranty, image, and
etc. discussions about the marketing of goods apply to services as well.
Services have special characteristics that make them different than products.
According to Alderson, W., “Product
is a bundle of utilities consisting of various product features and
accompanying services” according to Schwarte, D.J., “A product is something a
firm markets that ill satisfy a personal want or fill a business or commercial
Tags : MARKETING MANAGEMENT - Concept Of A Product
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