As we are seeing in our readings this week, a â€œproductâ€ is the general term used for both goods and services. Sometimes the term â€œproductâ€ is also used in a more general term, referring to the full product profile; that is, the entire market offering, including the product along with its price, the image of the brand, etc. The product is the most central of the 4Ps, the ultimate thing the customer is purchasing. Marketing is an exchange because the company offers something and the customer offers something in return. The customer and company, seeks something of value, and each offers a trade. Some segments of customers will seek value and low prices, whereas others will seek premium quality. Other customers seek specific attributes, quite idiosyncratic features and benefits.
Therefore, describe what we mean by the term â€œproduct.â€ Is there a difference between goods and services? What are some of the characteristics of a great product?