Concept of Product:
Product is a complex of tangible and intangible attributes, including packaging, color, price, manufacturer's prestige, retailer's prestige and manufacturer's and retailer's services which the buyer may accept as offering satisfaction of wants or needs. product planning embraces all activities which enable producers and middlemen to determine what should constitute a company's line of products. Ideally product planning will ensure that the full complement of a firm's products that are logically related, individually justifiable items, designed to strengthen the company's competitive and profit position.
Meaning of Product:
Product is anything that can be offered to a market that might satisfy a want or need. There are two concepts of product narrow concept and wide concept.
In its narrow concepts a product is a bundle of physical or chemical properties which has some utility. A product is not a non-living object; it is not a mere assemblage of matter - physical and chemical. Utility alone is not the function of the product.
A product means an object which satisfies the need of the customer. Thus fan, table , pen , cooler, chair etc. are products. In its wider concept, all the brands, all the colours all the packaging or all the designs of a product is taken to be different products.
Definitions of Product:
"According to George Fisk",
product is a cluster of psychological satisfactions.
"According W.Alderson",
A product is a bundle of utilities consisting of various features and accompanying service.
Product is a complex of tangible and intangible attributes, including packaging, color, price, manufacturer's prestige, retailer's prestige and manufacturer's and retailer's services which the buyer may accept as offering satisfaction of wants or needs. product planning embraces all activities which enable producers and middlemen to determine what should constitute a company's line of products. Ideally product planning will ensure that the full complement of a firm's products that are logically related, individually justifiable items, designed to strengthen the company's competitive and profit position.
Meaning of Product:
Product is anything that can be offered to a market that might satisfy a want or need. There are two concepts of product narrow concept and wide concept.
In its narrow concepts a product is a bundle of physical or chemical properties which has some utility. A product is not a non-living object; it is not a mere assemblage of matter - physical and chemical. Utility alone is not the function of the product.
A product means an object which satisfies the need of the customer. Thus fan, table , pen , cooler, chair etc. are products. In its wider concept, all the brands, all the colours all the packaging or all the designs of a product is taken to be different products.
Definitions of Product:
"According to George Fisk",
product is a cluster of psychological satisfactions.
"According W.Alderson",
A product is a bundle of utilities consisting of various features and accompanying service.
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