Meaning and Definition of Product
In a narrow sense, a product is a set of tangible physical attributes assembled in an identifiable form. Each product carries a name, such as car, iron, building etc. But in marketing, a product is anything which can satisfy a need, want or desire of consumers and can be offered in an exchange process. Hence, a product can be commodity, service, idea or a combination of all these.
When buyers purchase a product, they decide to buy after considering both tangible and intangible attributes of the product for example a car is a tangible product but its after sales service, durability, colour, manufactures reputation etc. are intangible part of product. Good products are key to market success and therefore products should be produced as per the needs and wants of target market.
In the words of W. Anderson, “A product is a set of tangible and intangible attributes including packaging, colour, price, quality and brand plus the services and reputation of the seller. A product may be a tangible goods, service, place, person or idea” “A product should be considered as a bundle of utilities consisting of various product features and accompanying services”.
In the words of Philip Kotler, “A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objectives, services, person, places, organisation and ideas”.
Characteristics of a Product