Product in Marketing Concept
In common vernacular, the word ‘product’, is used to submit only to the substantial or tangible attributes of a product. For example, we say we have bought a car or a pen or a Cell phone or a tractor.
Our verdict to buy a product is not only affected by its material qualities, but also by positive nontangible and psychological factors, e.g., brand name, status, guaranty, packaging etc. Let us say, when a person buys a car, he/she is not just buying a few nuts and bolts, an engine, four wheels and so on.
Thus, in marketing, the product is a combination of tangible and intangible attributes, which are competent of being exchanged for a worth, with the aptitude to persuade customer needs. Besides physical objects, we also contain services, thoughts, persons, and places in the idea of the product. Thus, the product may be defined as anything that can be offered to a market to please a want or need. It is offered for awareness, attainment, use or consumption. From the customer’s point of view, a product is a bundle of utilities, which is purchased because of its capability to provide fulfillment of the positive need.
Products may broadly be classified into two categories — (i) consumers’ products, and (ii) industrial products.