Products

Products are tangible or intangible goods, services, or ideas that are the result of a process and are intended for delivery to a market. They are created to satisfy the needs or wants of consumers.

Definition and Classification

A product can be classified based on its durability, tangibility, and use (consumer or industrial). The product range includes goods like computers, cars, food, and services like education, healthcare, or ideas like reducing air pollution.

Tangible Products

Tangible products are those that have a physical form and can be touched, such as a car or a computer. They are typically divided into durable goods, which last for a long period, and non-durable goods, which are consumed quickly.

Intangible Products

Intangible products, on the other hand, do not have a physical presence and cannot be touched. They include services, experiences, and ideas. Examples include education services, healthcare services, and ideas for social change.

Product Life Cycle

The Product Life Cycle is a theoretical model that describes the stages a product goes through from when it was first thought of until it is removed from the market. The stages typically include introduction, growth, maturity, and decline.

Product Development

Product development involves the complete process of bringing a new product to market. It includes idea generation, product design, detail engineering, market research and marketing analysis.

Product Marketing

Product marketing deals with promoting and selling a product to customers. It includes determining the product's positioning and messaging, launching the product into the market, and ensuring sales and customer satisfaction.

See Also

• Goods and services
• Product (business)
• Product management
• Product design
• Product differentiation
• Product placement