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In: Economics

Reflect on the idea of product. What is a product? When people buy products, what are...

Reflect on the idea of product. What is a product? When people buy products, what are they really buying?

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A product anything – goods, services and ideas – that can be offered in a market to satisfy customer needs and wants. A product has a bundle of tangible and intangible characteristics.

A pair of Nike shoes, a mobile phone device, a Volvo truck, a Samsung LED, your bank account, and a doctor advice all the products. The above definition of a product by Philip Kolter not only consists tangible product attributes, for example, a car, an office, a book, a mobile device but according to a broader view of a product, its consist ideas, services, physical object, place and even organizations and person.

When people are buying products , they are actually buying sources to live the day to day life , they are actually being ease of living life , they are buying happiness of life , confortability in their life , they are buying education and health , they are buying to remove all cumbersome problems in their life .

Rahul Sunny answered 8 months ago
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