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Product

Revision as of 17:06, 10 October 2019 by User (talk | contribs)

Business Dictionary defines Product as "a good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want." It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a seller of a toothbrush not only offers the physical product but also the idea that the consumer will be improving the health of their teeth.
Law: A commercially distributed good that is (1) tangible personal property, (2) output or result of a fabrication, manufacturing, or production process, and (3) passes through a distribution channel before being consumed or used.
Marketing: A good or service that most closely meets the requirements of a particular market and yields enough profit to justify its continued existence. As long as cars are manufactured, companies such as Michelin that produce tires fill the market need and continue to be profitable.[1]

  • A product needs to be relevant: the users must have an immediate use for it. A product needs to be functionally able to do what it is supposed to, and do it with a good quality.
  • A product needs to be communicated: Users and potential users must know why they need to use it, what benefits they can derive from it, and what it does difference it does to their lives. Advertising and 'brand building' best do this.
  • A product needs a name: a name that people remember and relate to. A product with a name becomes a brand. It helps it stand out from the clutter of products and names.
  • A product should be adaptable: with trends, time and change in segments, the product should lend itself to adaptation to make it more relevant and maintain its revenue stream.[2]
  1. Defining Product Business Dictionary
  2. What a product needs to be Economics Times