Question

Explain the various definitions of the word “product.”

Discuss the concept that the product can refer to the entire portfolio of the Four P’s. Provide a unique example for this-

Answer 1

Answer : Various definition to the word product are:

Product means that an item which has been sold in the market place.

Product means that a service or an item consumed by the consumer to satisfied there need.

Product means totality of goods and services has been produced in order to satisfied the customer.

Product is a result of all input combination that has been used together in order to satisfied the customer in best possible manner.

Product may be regarded as bundle of benefit that the person has been gained.

In four P's the product play an utmost important when goods and services are marketed to the customer.The product help the marketers to apply all marketing strategy to increase the sale of the product. All activities performed by the marketers is to increase the sale of the product. The importance of product in four P's are :

• Plays a vital role in the growth and development of a firm.
• All marketing strategy has been dependent on the product.
• Product branding is also an important feature of the product .
• Product should be placed at right hand and right time as well as satisfying all the customer and create a loyal image in the eyes of the customer.
• Pricing, promotion and place are all dependent on product that a company has been manufactured.

Unique example is that the product should be an important element for a successful company. The Ford cars should compete in the market on the basis of there product. They set higher price because of quality assurance , promotion are done on the basis of advertising as well as quality , place and distribution be done on the basis of location of there customer.