by Product is a term used to describe goods or services that are created and sold in the market. It is an essential part of the marketing mix and plays a crucial role in the success of any business. A product can be tangible or intangible, and it can be a physical item or a service that provides value to the customer. In this article, we will discuss the concept of a product in detail, including its types, characteristics, lifecycle, and the factors that influence its success.
A product is defined as a good or service that satisfies the needs or wants of the customers. It is anything that can be offered to the market for attention, acquisition, or consumption, which can satisfy a need or a want. A product can be a physical item or an intangible service that fulfills the customer’s needs and provides value.
Types of Products:
Products can be classified into several types based on their characteristics, usage, and features. Here are some of the types of products:
Consumer Products:
Consumer products are the products that are purchased by the end-user for personal use or consumption. These products are further classified into four types:
- Convenience Products: Convenience products are the products that the customer purchases frequently, and they are readily available in the market. Examples of convenience products include toothpaste, bread, and newspapers.
- Shopping Products: Shopping products are the products that the customer purchases after a careful comparison of features, price, and quality. Examples of shopping products include cars, clothes, and furniture.
- Specialty Products: Specialty products are the products that are unique and have no substitute in the market. Examples of specialty products include designer clothing, luxury cars, and high-end watches.
- Unsought Products: Unsought products are the products that the customer does not know about or does not actively seek out to buy. Examples of unsought products include insurance policies, funeral services, and pest control services.
Industrial Products:
Industrial products are the products that are used in the production process of other goods or services. These products are further classified into two types:
- Material and Parts: Material and parts are the products that are used in the production of other goods. Examples of material and parts include steel, plastic, and electronic components.
- Capital Items: Capital items are the products that are used in the production process, but they are not consumed in the process. Examples of capital items include machinery, buildings, and equipment.
Services:
Services are the intangible products that provide value to the customer. Examples of services include haircuts, legal services, and transportation services.
Characteristics of Products:
A product has several characteristics that influence its success in the market. Here are some of the characteristics of products:
- Quality: Quality is the degree to which the product meets the customer’s expectations. A high-quality product is one that meets or exceeds the customer’s expectations.
- Features: Features are the characteristics of the product that provide value to the customer. A product with more features is generally more attractive to the customer.
- Brand: Brand is the name, term, design, symbol, or any other feature that identifies a product. A strong brand can increase the value of the product in the customer’s eyes.
- Packaging: Packaging is the way a product is presented to the customer. It includes the design, color, and shape of the packaging.
- Price: Price is the amount that the customer pays for the product. The price of the product should be set at a level that provides value to the customer and generates a profit for the business.
- Promotion: Promotion is the way a product is advertised and marketed to the customer. Effective promotion can increase the visibility and sales of the product.
