In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product. It is the sum of all physical, psychological, symbolic, and service attributes.
A product is similar to a good. In economics, a good is a physical object that is available in the marketplace. This differentiates it from a service which is a non-material product.
There are three aspects to any product or service:
Product management involves developing strategies and tactics that will increase product demand (referred to as primary demand) over the product's life cycle.
One useful technique in understanding a product is the Aspinwall Classification System. It classifies and rates products based on five variables:
There are several types of products:
Three Aspects
Classifying Products
Types of Products
See Also
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