Concept of product

Question: Clarification of the concept of product

Answer: A product is any goods, services or idea that can be offered to a market to satisfy a want or need.

Any tangible or intangible goods or a service that is result of a process and that is intended for delivery to a customer or end user. 

In marketing a product is anything that can be offered to a market that might satisfy a want or need.

In manufacturing product are purchased as raw materials and sold as finished goods. There are two types of product:

1. Consumer product: A consumer product is any tangible product for sale that is used by a person or house-hold for non-business.

We also define a consumer product is any goods; which is used finally by a consumer/end user.

2. Industrial Products: Industrial products are mainly used for further production.. According to Philip Kotler “Industrial products are products bought by individuals and organizations for further processing or for use in conducting a business”.