Answer: Product is anything that can be able to meet the needs and wants of target customers. A product is anything offered for sale for the purpose of satisfying a want or need on both side of the exchange process. A product is a set of tangible and intangible attributes including packaging, color, price, quality and brand, plus the services and reputation of the seller.
According to Philip Kotler “Product is anything that can be offered to a market for attention, acquisition use, or consumption and that might satisfy a want or need”.
From the above discussion, we can say that;
- Product is able to meet up the needs and wants of target customers.
- Product may be visible and invisible.
- Product has a specific price that customer has to pay.
Levels of Product:
A customer not only purchases a product but also various attributes of a product. Specially, packaging, color, price, quality, brand, etc. So marketer has to take proper planning before introducing product in the market. Marketer mainly considers three levels of product. These are given below:
- Core product: Core product consists of the core problem solving benefit.
- Actual product: The actual product exists around the core and includes the quality level, features, design, brand name and packaging.
- Augmented product: The augmented product is the actual product plus the various services and benefits offered with it.
A product is anything offered for sale for the purpose of satisfying a want or need on both side of the exchange process. Products are classified on two types on the basis of customer characteristics.
- Consumer product
- Industrial product
Consumer Products: Consumer products are products and services bought by final consumers for personal consumption. Consumer products are mainly use in personal consumption. Various types of consumer products are given below:
A. Convenience products: Convenience products are consumer’s products and services that customers usually buy frequently, immediately and with minimum of comparison and buying effort. There are various types of convenience products are:
- Staple products: Staple products are products that are bought often, routinely, and without much thought. Such as; Rice, Sault, etc.
- Impulse products: Impulse products are products that are bought quickly as unplanned purchases because of a strongly felt need. Such as; Ice-cream, toys, magazines, etc.
- Emergency products: Emergency products are products that are purchased immediately when the need is great. Parts of car, medicine service for emergency patient, raincoat for rainy season, etc.
- Home delivery products: These products are mainly delivered to customer’s home.
B. Shopping Products: The products which are purchased by customers on the basis of pre planning is called shopping product. Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price and style. Shopping products are:
- Fashion products: Fashion products are shopping goods that are purchased for their appearance, distinctiveness or style. Such as; garments, gift etc.
- Service products: Service goods are durably shopping goods that represent relatively large outlays to the consumer and that usually require repair or other servicing. Such as; TV, Air conditioner etc.
C. Specialty Products: These products are charming and technology based. These are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Such as; Mercedes Car, High priced watch, etc.
D. Unsought products: These are consumer products that the consumer either does not know about or know about but does not normally think of buying. Such as; Life insurance policy, grave stone, etc. Unsought products are:
- New unsought products
- Regular unsought products
Industrial Products: Industrial products are mainly used for further production. According to Philip Koter “Industrial products are products bought by individuals and organizations for further processing or for use in conducting a business”. There are various types of industrial products are given below:
A. Materials and parts: Materials and parts are industrial products that enter the manufacturer’s product completely. It has two types:-
a). Raw materials
b). Manufactured materials and parts
B. Capital item: Capital items are industrials products that aid in the buyer’s production or operations, including installations and accessory equipment. It has two types:
a). Accessory equipment