In fact, everything from goods to services to human beings to events can be marketed. A product is a ‘bundle of utilities’ or ‘source of satisfaction’, that can be used to convince human needs and wants. It is not confined to physical objects, such as motor cycle, biscuit, shoes and books but also refers to other things of value such as services, ideas, places, etc., that can be offered to the possible buyers for their use. In the marketing prose, everything that can be of value to the buyer can be termed as a ‘product’. It can be tangible, i.e., which can be felt, seen and touched physically such as a pencil, a cycle or an intangible such as services rendered by a doctor, hairdresser or a lawyer.
It is significant to keep in mind that the “product” in marketing is used in its broadest sense and can incorporate the following categories: Goods; Services; Events; Experiences; People; Places; Information; Ideas etc.
- Goods: refrigerators, television sets, food products, shoes, books, electronics etc.
- Services: services include the work of airlines, hotels, barbers, beauticians etc. and professionals such as, Accountants, lawyers, engineers, doctors etc.
- Experiences: travels, climbing Mount Everest etc.
- Events: artistic performance, Sport-events, music events, concerts etc.
- People: actors, artists, musicians, physician etc.
- Places: commercial banks, real estate agents, Economic development specialists etc.
- Information: magazines, news-papers etc.
Thus, anything that is of value to the other can be marketed. It can be a product or a service or a person or a place or an idea or an event or an organization or experience or properties.