Marketers define a "product" as any physical good, service, or idea that satisfies a want or need.
What is products?
A product is an item that is for sale. A product could be a facility or a physical item.
Some key features regarding the products are-
- It can be physical, virtual, or cyber.
- Every product got a cost, and fr all products got a price.
- The price that may be charged is determined by the market, a quality, the marketing, and the targeted segment.
- Every product has a life cycle then after it must be replaced, as well as a life cycle then after it must be reinvented.
- A brand could be revamped, re-launched, or extended in FMCG to make it more relevant towards the segment and times, while often keeping the product more or less the same.
- A product must be worth: consumer must be able to use it correct way.
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