MANAGEMENT

Detailed explanation-1: -In marketing, a product is anything that can be offered to a market that might satisfy a want or need. [1] In retailing, products are called merchandise.

Detailed explanation-2: -A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.

Detailed explanation-3: -Marketing also satisfy needs. Marketing creates a transaction for exchanging the product for a value and thus create a satisfaction to the buyer’s needs. Marketing is based on identifying and satisfying customers’ needs profitability.

Detailed explanation-4: -A product may be defined as a set of tangible, intangible and associate attributes capable of being exchanged for a value with the ability to satisfy consumers and business needs. It is anything that can be offered to a market to satisfy the needs or wants of the customer.

Detailed explanation-5: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.