WHAT IS A PRODUCT?

A  product  is  anything  that  may  be  offered  to  a  market  for  notice,  use,  acquisition or consumption and that may satisfy a want or need. It includes services, physical objects persons, organizations, places and ideas.' Pure' Services are distinguished from 'physical' products on the basis of inseparability, variability, perish ability and intangibility. Services are a type of product that consist of benefits, activities or satisfactions offered for sale that are basically intangible and do not result in the ownership of anything.

Product is a complicated concept that has to be carefully defined. As the first of the four marketing mix variables, it is frequently where strategic planning starts. Product strategy calls for making coordinated decisions on particular products, product lines, and the product mix.