Product is the element of the marketing mix that is the good or service of a company offers to its target market. Technically, a product is something that takes on physical form, such as an Apple iPod, an electronic game, or a laptop computer. The actual product, which is what the customer buys, is more encompassing. It may have as many as five characteristics: a quality level, features, design, a brand name, and packaging.
A service is an activity or benefit that is intangible and does not take on a physical form, such as an airplane trip or advice from an attorney. But when discussing a firm’s marketing mix, both products and services are lumped together under the label “product”.