Question 23 of 43
Q.Explain the following term/concept.
Product
Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2023Subjective· 2mImportance★★★★★
53% · 23/43 Questions
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Start your 14-day free trial to unlock the full solution →A product is anything — a good, a service or an idea — offered to customers to satisfy their needs, and it is one of the four Ps of the marketing mix.
Meaning: In marketing, a product is not just a physical object. It is anything that can be offered to a market for attention, purchase or use, and which is capable of satisfying a customer's need or want. A product may be a tangible good (a car, a soap), an intangible service (insurance, a haircut) or even an idea.
Product as part of the marketing mix (4 P's):
- The four Ps are Product, Price, Place and Promotion.
- Product is usually treated as the most important element because the other three revolve around it.
Elements associated with a product:
- Quality, features and design …
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