Product is any offering which may be physical, virtual or hybrid to provide a benefit or value to the customer. These include tangible goods, services, experiences, individuals, places, properties, organizations, information and ideas.
The product mix is a set of products manufactured or sold by the same company. Firms with larger or more complex markets usually diversify their offerings of products to strengthen their presence in the market and increase profitability.
There are different types of products that can be classified as consumer or industrial. Examples of these include appliances, clothing, footwear, toys and cars.
Industrial products are those that have a definite purpose or function. They are used in manufacturing other products and can be divided into raw materials, component materials and finished goods.
Component materials are inputs that have already been processed before they are added to the final product. For example, paper sent to a publishing house has undergone the process of making a book before it is added to a final product.
The concept of the product life cycle is useful for understanding how a specific product might go through the stages of its production and sales lifecycle. It can be based on a variety of factors, including industry, competition, market conditions and usage habits.
A good example of a product is music streaming service Spotify. It gives users access to a huge music library at a low cost, offers personalized playlists, stores the content offline, and streams without ads.
Another example is the smartphone. It has a wide range of features, including apps and games, along with high speed and stability.
In addition, the phone has a great reputation for safety and security. This is a key factor that helps it stand out from other smartphones in the market.
The product is a bundle of utilities with various features and associated attributes that are packaged to satisfy the needs of consumers in a given market. It has to be designed in such a way that it offers a unique experience for customers and generates higher demand than its competitors.
Desirable products are those that offer high immediate satisfaction and customer welfare in the long run. They are planned according to different levels of the product hierarchy, which includes the core benefit, basic product and potential product.
Specialty products are those that have a niche or specific appeal to a certain group of buyers and can be targeted by marketers. They are less likely to be a part of the homogeneous shopping products and will require more effort on the consumer’s part to find the best fit.
Unsought products are those that are not well known or do not have a clear target market. They can be a challenge for marketers to target, but are often worth the investment in time and money.
A good product will have multiple unique opportunities that create a unique value for the consumer. This can be done through an effective marketing strategy and an appealing message that appeals to the consumer’s specific needs.