The main objective of any organization is making profits. That’s an open secret and everybody know about it, I am not talking about the non-profit organizations. So to make the profit the organization has to sell their products and services.
And today’s article of mine is all about the product which the organization needs to sell. If you are looking for information regarding what is a product. Then let me tell you that you have been landed on the right website here.
Because in this article of mine, I will tell you meaning, definition and the types of the products. So without wasting the time let us now get started with this article.
What is Meaning of Product?
Product refers to anything that can be offered to the market for attention, acquisition, and consumption so as to satisfy the needs and wants of the consumer is called a product. A product may be a physical unit, services, person, place, and organization.
Definition of Product
A product is an item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted.
Different Types of the Product
So now we know the meaning and the definition of the product, let us now check out the different types of products.
1) Core Product
Core product consists of fundamental services or benefits which a customer wants to have in the product. For example, the buyer of a television wants entertainment and buyer of the luxurious car want prestige.
2) Basic Product
The basic product consists of the fundamental characteristics like size, shape, and quality and the other aspects of the product.
3) Expected Product
Expected products consist of the attributes which a customer expects to have in the product while buying it. For example, the buyer of the car expects good mileage, looks etc.
4) Augmented Product
An augmented product consists of the intangible components of the product. They are nothing but the additional benefits which a customer will be getting along with the actual product they are buying. They can be pre-sales services, post-sale services, home delivery, and credit term etc.
5) Potential Product
A potential product is that feature of the product which can attract the customers and hold them to buy it. Here the marketers need to fund for creative and innovative ways to attract and hold the customers in a long run.
So this was all about what is a product along with its meaning, definition and the types. I hope you are clear with all the information mentioned in this guide. But if you have any kind of doubts in your mind then you can comment down below.