What is Product, Definition of Product & Types of Product

Fri, 09/16/2011 - 11:19 -- Umar Farooq

Definition of Product

Product can be define with two ways:

  1. Narrow Sense (Classical Approach to proudct)
  2. Broad Sense (Modern Approach to product)

1. Narrow Sense 

A product is a set of basic characteristic assembled in an identifiable form or product is a set of tangible, physical and chemical attributes assembled in identifiable form. Such as personal computer, steel, pen etc.  

2. Broad Sense

Product means all those things, offer by the company to satisfy the customer. But According to the Walliam J. Stanton “product is a set of tangible and intangible attributes include packaging, price, quality and brand plus seller services and reputation.

 According to this useful definition product is include.

  • Goods: Such as pen, personal computer scope, T.V. furniture etc.
  • Services: Hiring a doctor or lawyer a teacher services.
  • Place: Buying tickets of a park and enter in it. Specific plans also product.
  • Person: In political campaign person is product. When a party want you to buy.
  • Idea: Ministry of health is selling you the idea to make sewing self from aid. Theideas of author.

Types of Products

For the effective marketing program it is very important to classify the product. There are two types of products and can classify in two broad categories.

1. Consumer Products     

Consumer products are those, which are used by the customer for consumption or for household use. Consumer products are further classified and divided in: Read More Detail

  • Convenience Products
  • Shopping Products
  • Specialty Products
  • Unsought Products   

2. Business and Industrial Products

Individuals and Organizations buy industrial products for further ultimation in the business operation or may use in other products. The main objective of industrial products is to use the products in business operation and earn profit.  Read More Detail

Following are the types of Industrial products

1. Material & Parts

  • Raw Materials
  • Manufacturing Materials and Parts

2. Capital Items

  • Installation
  • Accessory Equipment

3. Supplies and Services