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MARKETING MANAGEMENT - Concept Of A Product

Introduction - Concept Of A Product

   Posted On :  18.06.2018 02:25 am

The term ‘product’ is widely used to refer a market offering of any kind.

Introduction

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 need”.
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