What is a Product? Discuss the Product Characteristics and its classification with suitable examples

A product is a tangible or intangible offering that fulfills a customer’s needs or wants.

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Product characteristics include:

  1. **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.

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