Concept And Meaning Of Product

Product is the base of marketing and an important element of the process of exchange. Product is the only element to link buyer and seller together in the process of exchange. Simply, the thing that is bought by buyer and sold by seller is product. Under this include goods, services and even ideas. The buying and selling functions start from goods or services.

So, the role of products remains as the focus of marketing mix. In marketing, product denotes the sum total of physical, social and psychological benefits. So, only physical goods is not product, it also denotes the ability to satisfy human needs. If a customer buys any product, this means s/he buys the benefit or satisfaction, which the product can give.

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Types Of Product

All the physical goods, their supplementary services and ideas that satisfy customers' needs and wants include under product. All the daily consumer necessities, services, luxury goods, information about goods, guarantee and warranty for free repair, installation service etc. are called products in marketing. Ideas, thoughts, counseling etc. also give us psychological motivation and awareness, which help us to solve problems and adopt in the environment. So, advice of specialists, suggestions of lawyers, services of doctors etc also are products that satisfy the concerned clients.

So, Product = Physical attributes of product + Quality of the product + Brand + Package + Design + Color  + Warranty + Price + Seller's service etc.

            Also Read: Different Concepts Of Product

In this way product is taken in broad sense in marketing. Buyers do not buy only physical product, rather they buy 'total product' which include quality, color, design, brand, packaging ,  warranty, seller's services and reputation. The buyer gets physical and psychological satisfaction from all these tangible and intangible attributes inherent in the product.