A product is a tangible or intangible offering that fulfills a customer’s needs or wants.
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Product characteristics include:
- **Tangibility**: Products can be physical goods (e.g., smartphones, cars) or intangible services (e.g., insurance, consulting).
- **Durability**: Some products are meant to last a long time (e.g., appliances), while others are consumable (e.g., food).
- **Utility**: Products provide utility, either functional (e.g., a car for transportation) or emotional (e.g., a luxury watch for status).
- **Perishability**: Some products have a limited shelf life (e.g., fresh produce) while others can be stored indefinitely (e.g., books).
Products can be classified into different categories, such as:
– **Consumer Products**: For personal use, like toothpaste or smartphones.
– **Industrial Products**: Used by businesses in their operations, like machinery or software.
– **Specialty Products**: Unique and high-involvement products like designer clothing.
– **Unsought Products**: Those not actively sought by consumers, like funeral services.