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Product (business)

In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product. It is the sum of all physical, psychological, symbolic, and service attributes.

A product is similar to a good. In economics, a good is a physical object that is available in the marketplace. This differentiates it from a service which is a non-material product.

Three Aspects

There are three aspects to any product or service:

Classifying Products

Product management involves developing strategies and tactics that will increase product demand (referred to as primary demand) over the product's life cycle.

One useful technique in understanding a product is the Aspinwall Classification System. It classifies and rates products based on five variables:

Types of Products

There are several types of products:

See Also

Finding related topics