Product definition:
A product is a physical or non-physical good, service or input material that is made by a company to be sold to a customer fulfilling a specific customer’s stated or unstated needs. It may be produced by a manufacturer, collected from nature or created virtually to provide a benefit to the consumer that meets the customer’s core need for which the customer pays.
Product family:
A group of products that satisfy the same core need and are related to each other in a way that they are not independent from each other. Examples are food, clothing, medicine, etc.
Specialty goods:
These are products that are unique in their characteristics or images for which a significant group of customers is willing to pay extra for them. Almost without exception, these products do not apply to any other groups of consumers and therefore, price is not the primary factor in determining sales.
Heterogenous shopping:
These products vary significantly in style, suitability and quality. Examples include clothes, footwear and automobiles.
Competitive weapon:
Product is a powerful tool for businesses to overcome strict market competition. By efficiently producing a product at a lower cost, businesses are able to attract more and more customers. This leads to higher profits and a better business.
