A product is anything that can be offered to a market to satisfy a need or want.
Products
A product is anything that can be
offered to a market to satisfy a need or want. People satisfy their needs and
wants with products. Though the word suggests a physical object, the concept of
product is not limited to physical objects. Marketers often use
the expressions goods and services to distinguish between physical products and
intangible ones. These goods and services can represent cars, groceries, computers,
places, persons and even ideas. Customers decide which entertainers to watch on
television, which places to visit for a holiday, which ideas to adopt for their
problems and so on. Thus the term ‘product’ covers physical goods, services and
a variety of other vehicles that can satisfy customers’ needs and wants. If at
times the term ‘product’ does not seem to be appropriate, other terms such as
market offering, satisfier are used.
Tags : MARKETING MANAGEMENT - Marketing Concepts
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