Marketing Mix - Product

The term "product" is defined as anything, either tangible or intangible, offered by the firm; as a solution to the needs and wants of the consumer; something that is profitable or potentially profitable; and a goods or service that meets the requirements of the various governing offices or society. The two most common ways that products can differentiated are:

The term "product" is defined as anything, either tangible or intangible, offered by the firm; as a solution to the needs and wants of the consumer; something that is profitable or potentially profitable; and a goods or service that meets the requirements of the various governing offices or society. The two most common ways that products can differentiated are:

1. Consumer goods versus industrial goods, and
2. Goods products (i.e. durables and non-durables) versus service products

Source: Boundless. “Product, Placement, Promotion, and Price.” Boundless Marketing. Boundless, 21 Jul. 2015. Retrieved 01 Jan. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/introduction-to-marketing-1/introduction-to-marketing-18/product-placement-promotion-and-price-108-4454/

1. Consumer goods versus industrial goods, and
2. Goods products (i.e. durables and non-durables) versus service products

The term "product" is defined as anything, either tangible or intangible, offered by the firm; as a solution to the needs and wants of the consumer; something that is profitable or potentially profitable; and a goods or service that meets the requirements of the various governing offices or society. The two most common ways that products can differentiated are:

1. Consumer goods versus industrial goods, and
2. Goods products (i.e. durables and non-durables) versus service products

Source: Boundless. “Product, Placement, Promotion, and Price.” Boundless Marketing. Boundless, 21 Jul. 2015. Retrieved 01 Jan. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/introduction-to-marketing-1/introduction-to-marketing-18/product-placement-promotion-and-price-108-445

You must ensure to have the right type of product that is in demand for your market. So during the product development phase, the marketer must do an extensive research on the life cycle of the product that they are creating.

All in all, marketers must ask themselves the question “what can I do to offer a better product to this group of people than my competitors”.

In developing the right product, you have to answer the following questions:

• What are the sizes or colors available?
• Where will the client use it?
• Are you creating features that are not needed by the client?
• What’s the name of the product?
• Does it have a catchy name?
• What features must the product have to meet the client’s needs?
• Are there any necessary features that you missed out?
• How is the product different from the products of your competitors?
• What does the product look like?
• What does the client want from the service or product?
• How will the customer use it?