My Marketing Project
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A product is anything that can be offered to a market that might satisfy a want or need. The bundle of utilities or the physical and psychological satisfactions that the buyer receives is provided by the seller when he sells a particular product.
Therefore , the term product does not mean only the physical product but the total product including BRAND, PACKAGE, LABEL, STATUS of manufacturer and distributor and SERVICES (before and after sales services) OFFERED to the consumer, in addition to the physical product. So a product does not only include the physical traits, but also the symbolic particulars expected to yield satisfaction or benefits to the buyer_ namely, objects, services, organization, places, people, and ideas.
Products not only include the physical goods like car or toothpaste, but also services like hotels, pollution control, or air travel.
↑ Q. Describe the physical as well as symbolic traits of any given product.
DIFFERENCE BETWEN PRODUCT & SERVICE
Product
Service
Products are tangible
Products can be purchased and possessed
Products can be durable or non-durable
As products have a physical form, they can be handled, stored and transported
5. Products, therefore can be sold after
production
6. Products can be standardized and be made homogeneous
1. Services are intangible
2. Services can be purchased and felt
3. All services are perishable
4. As services have no physical form, they cannot be handled, stored or transported
5. Services must be consumed at the same time that they are produced.
6. Services are always heterogeneous
ATTRIBUTES OF A PRODUCT
Tangible Attributes
Intangible Attributes
Colour
Durability
Weight
Label
Taste
Features
Smell
Package
Style
Image
Brand Name
Quality
Prestige
Warranty
THE CONCEPT OF A PRODUCT IS THREE DIMENSIONAL and these dimensions are used for appropriate matching of utilities perceived by the customers. As such products may be categorized into a tangible (core) product, an extended (augmented) product and a generic product.
Tangible Product Extended Product
Colour * Image
Design Fridge *Status
Quality Generic Product *Guarantee/Warranty