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. [2]
Thus a product may be an idea, a good, a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives. [1]
Along with price, place, and promotion, product is one of the 4Ps of the marketing mix.
While the term “products and services” is commonly used, product is a term that encompasses both goods and services. [2]
Product attributes are the characteristics by which products are identified and differentiated. Product attributes usually comprise: [1]
- features
- functions
- benefits
- uses
Augmented product is the view of a product that includes not only its core benefit and its physical being, but adds other sources of benefits such as service, warranty, and image. The augmented aspects are added to the physical product by action of the seller, e.g., with company reputation or with service. [1]
A commodity product or staple good refers to a convenience product such as sugar or potatoes that is bought often and consumed routinely. Staples often offer little differentiation and are sold importantly on the basis of price. [2]
A maintained item is a specific product that is continuously maintained in assortments. [1]
See Also
Complementary products
Deal merchandise
Innovation
Product category volume
Product class
Product commercialization
Product development