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MARKETING MANAGEMENT - Marketing Concepts

Products - Marketing Concepts

   Posted On :  17.06.2018 10:58 pm

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.

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