Definition

What is a product?

A product is more than meets the eye. It is the total package that brings satisfaction to a consumer. “A product consists of the basic physical offering and an accompanying set of image and service features that seek to satisfy needs.” It is the tangible features that can be seen and the intangible image and service features that we cannot see but which make the product what it is.

As an example, an Intellevision home computer game by Mattel.

  • Is a rectangular box with wires connecting it to a television set (physical characteristics)
  • Has a warranty and service facilities (service characteristics)
  • Has prestige associated with ownership of a relatively new product innovation (image)

These characteristics, whether tangible or intangible, are designed to produce consumer satisfaction.

Category: Business Studies
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