Page 61 - EBOOK DPM 10013 POM-FINAL 25.10.2021
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LEARNING OBJECTIVES:
Explain product
Examine three different levels of product
Examine consumer and businee product classification
Exibit product life cycle
5.0 PRODUCT
5.1 Define Product and Services
Anything that can be supplied to a market in exchange for attention, acquisition, use, or
consumption in order to meet a need or want. The market offering of a corporation
frequently includes both tangible and intangible things. Services are intangibles, whereas
goods are tangibles.
The offer could be a pure tangible good on one continuum. Pure services, on the other
hand, are those whose primary offering is a service. The nature, qualities, and
consumptions of a product can all be used to classify it.
A product is anything that can be offered to a market for attention, acquisition, use or
consumption that might satisfy a need or want (Philip Kotler, 2005).
On the basis of durability and tangibility, products are categorised as Non-durable Goods,
Durable Goods, and Services.
