What is a Product?–Meaning, Types, Features and More

What is a Product?

To date, several concepts concerning what is a product? have been formed in the marketing space, and some have even failed to define its essence. Therefore, to bring clarity to the subject, we will thoroughly study the product and its role in the marketing process in today’s blog. 

A product is produced for sale in the market to meet the customer’s needs. It is a major marketing component around which all marketing-related activities revolve. Product is a broader term that can be well understood in a narrow sense. It is a set of chemical and physical characteristics assembled in an easily recognizable form. To find out those, study the article completely. 

What is a Product?–Meaning 

The product is manufactured for a sale purposes to meet the customer’s needs. Being a major marketing component, all the marketing activities revolved around it. A product is both tangible and intangible. The actual type of products is known as goods, and metaphysical products are known as services. 

In general, a product is also described as a good, method, idea, information, service or object that acts as a want satisfier to the consumers. It is a set of visible and invisible attributes that a seller provides to the buyer. For consumers, a product is only a commodity they recognize, seeing its size, shape and quality. 

Examples of Products are cars, clothes, books, watches, etc. The firms that sell their product also sell the services that are associated with their product. A consumer for whom they design a product purchase once gets physical and psychological satisfaction from that product. Therefore, a seller not only sells those goods and services but also enters and understands the marketing universe of such material and psychological satisfaction. 

Features of Product 

A product offers the following features to its consumers: 

Tangibility: The products one can touch, see and feel are tangible. Examples are clothes, shoes, books, cars, etc. 

Intangibility: Product that don’t carry a physical nature are intangible products. The best example is those products that exist digitally. Examples are- insurance, banking, consultancy, etc. 

Associated feature: The associated feature of a product is defined by its warranty, packaging, branding, post-sale service, etc. 

Customer satisfaction: A product, aka goods or services, satisfies the customer’s wants and needs, whose value is also defined by the satisfaction level it gives after purchase. 

Exchange value: Regardless of whether a product is tangible or intangible, a product must be exchanged between the seller and buyer at a mutual rate. 

Characteristics of Product 

The characteristics of the Product are: 

A product can be a group of services or commodities, a single item or product, or a mixture of various products and services. 

The meaning of product is defined based on the consumer needs and wants. The aim of the product is to tailor the customer’s requirements. 

Whether the products are durable is determined by whether they offer long-time satisfaction. 

Products also act as a luxury item to those consumers who need them to satisfy their desires. Examples of these products are well-furnished bungalows, cars, etc. 

 Introduction to the Product Mix

To the point, we have discussed what is a product in the marketing space, and now it’s time to look at its other concept of product mix. It is a combination of products designed and sold by the same firm. Usually, organizations provide various products in the market, allowing them to spread risk and increase their customer base among the offerings. These product mix concepts boast of both product lines and product items presented in the market. 

Product Line: It is a group of products associated with each other as they satisfy the class of need together. These products are sold to the same customer group and publicized on the same channels. For instance, Dove shampoo and conditioner comprise the same product line. 

Product item: It is a unique product of the product line that is differentiated from other products based on size, colour, price and other characteristics. 

Levels of Product 

The customer needs changes depending on the social situations and economic conditions. Thus, as customers get economically strengthened , they need some improved products that can cater to their current requirements. Therefore, to better tailor to their requirements, firms address different levels of product in the market, and every level offers some valuable attributes. This allows the customer to buy the product that gives them the highest satisfaction per their desires. So, let’s discuss the different levels of product in short. 

Core product: Containing key features of product, the core product forms the basis for another product offering. 

Basic product: The basic product boasts a few additional benefits and fundamental elements.

Expected product: These goods or services consumers desire depending on various factors like social class. 

Augmented product: This comprises offering a product with added product features in contrast with that of the competitor’s product and is mainly designed to satisfy the rational needs of consumers in the context of its value. 

Potential product: The potential products draw a beneficial comparison between the products offered in the present and those of future developments. Such goods and services firm value for customers above their expectations. For instance, any product, a highly technical video game or camera with a good ambience, is a potential product. 

Importance of Product 

The importance of a product is derived as: 

  • It is the primary point of all marketing activities. 
  • It is the initial point of planning.
  • It is the basic means of satisfying customers.
  • It is indispensable. 

Conclusion

So, now that you understand a product’s definition, meaning, features, characteristics, levels and importance, use the information well to get into the product marketing world. As product marketing is significant to make your product stand out in the market, getting the knowledge of its essence is equally paramount. Hopefully, this guide has given you a better sense of the product’s value and inspired you to develop one in the future.

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