What is a product?

What is a product
What is a product

We will know about what is a product.

It is anything that can be offered to a market to satisfy the needs or wants of customers. 

According to William J. Stanton

” It is a set of tangible and intangible attributes, including packaging, color, price, quality, and brand, plus the seller’s service and reputation.” Its component is design, quality, feature, branding, packaging, service, etc.

The components that makeup are:

Design: Shape, color, look

Quality: Standardization and grading of the product.

Variety: lines and items of goods

Features: Size, style, physical features various models.

Brand: Name, mark, sign, a symbol.

Packaging: Container or wrapper of product.

Service: Pre-sales or after-sales services for the product. 

Warranty: Free repair and maintenance of the product

Hence, it is a bundle of benefits and services.

Other Important Links:

Level of Product: CLICK HERE

New Product Development Process: CLICK HERE

Job Vacancy in Nepal: CLICK HERE