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 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]