How will you define a product? Or another question asked is What is a product?
One can say a product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.
How an organization views a product depends upon its perspective.
The organizations that are production-oriented look at a product basically as a manifestation of resources used to produce it and the organizations that are marketing oriented view a product from the target consumer’s perspective as a bundle of benefits by benefits I mean to say functional as well as emotional benefits. Accordingly they will have to see how their consumers view their products. Most of the organizations have realized that there is no need to prepare a marketing mix for a product that offers few consumers benefits, because that product will not sell.
What new insights can help you understand product definition better?
Quick Statistics: According to recent data from the Product Development and Management Association (PDMA), around 68% of successful companies focus primarily on gaining insights from their target customers to refine their product offerings. This customer-centric approach has been linked to higher satisfaction and loyalty rates, which in turn impacts revenue growth positively.
Practical Advice: To effectively view and develop your product from a target customer’s perspective, utilize tools like customer feedback surveys and social media listening platforms. These tools can provide actionable insights into consumer preferences and pain points, allowing you to continuously evolve the product to align with their needs. This proactive approach not only enhances the product’s appeal but also fosters a stronger relationship with your audience.
You have to consider the product from the target customer’s perspective. Like the cosmetic companies are combining chemicals to make lipsticks, vitamin manufacturers produce little pills, watch makers produce mechanical devices that keep time. -What are marketers doing they are basically enhancing their products for their target markets-as lipstick has becomes beauty and hope, vitamins become hope for a healthier life and watches become status symbols?
So we can say that a product therefore is a bundle of physical, chemical and / or intangible attributes that have the potential to satisfy present and potential customer wants. In addition to the physical Good itself, other elements include the warranty, installation, after sales service accessories and package. A customer buying an air-conditioner and a maintenance contract from Carrier Aircon is buying a different product than another who buys the same model without the maintenance agreement. Now lets discuss the levels, that are present in a product
Liked this post? Check out the complete series on Product Management
Marketing matter discussed in this site is very informative and helpful. Tks!
thank u for providing information on product.
Notify me of mrket update
thnx for providing info .on product..!!
Thanks foR detail description on product
Well I have used this to draft an article on marketing that hopefuly will be able to sell very helpful please update me thanks!!
thank you sir.. it is easy to understand.
The levels present in a product wasn’t discussed
That is discussed in a different article – three levels of a product.
Marketing is the buying of goods and service for better transation
The characteristics of products haven’t explained here. Can you please explain a bit about the characteristics of products? Thank you.
PLC
The Programmable logic controller is a device that can work in a simple process and can manage difficult work in a very simple way. It is usually an industrial computer control system that is designed to be a shock-resistant system incessantly monitors the state of an input device by the logic system and makes decisions based on it and deliver outputs.
In every industrial section, to work fast and makes the difficult things simple and to change systems easily with the demand for production, the PLC has made a triumphal role in the age of industrialization.
Generally, as the PLC system is in high demand, people need it in various ways. Many companies are invented many types of PLC. Among them, many are in a high demand. To buy PLC at a reasonable price in Bangladesh, one must know the ins and outs of a PLC system, their specifications and so on.
To buy PLC at a reasonable price in Bangladesh, one has to get an idea of it and it only can possible if one has a thorough knowledge of it.
There are so many PLC companies whose products are available in Bangladesh and actually very popular in the industrial sector. Among them, Siemens PLC, Delta PLC, Mitsubishi PLC, UniMat PLC are in a good position
Let us have a look at these PLC systems in Bangladesh to buy PLC at a reasonable price.
This is really a great wi site as in class it help me lot through a great example that cover whole chapter (targeting, positioning.)
no comment its ok