Product

Definition

A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use; usually a mix of tangible and intangible forms.

Thus a product may be an idea, a physical entity (a good), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives. [1]

While the term “products and services” is occasionally used, product is a term that encompasses both goods and services[2]

 

References

  1. ^ American Marketing Association, AMA Dictionary.
  2. ^ Common Language in Marketing Project, 2018.

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