What is meant by a 'Product'?
What is meant by a 'Product'?
A Product is anything offered to a market to satisfy a want or need. It includes physical goods (a pen, a car), services (banking, insurance), ideas, experiences, or places. A product has both tangible attributes (physical features such as size, design, packaging) and intangible attributes (brand name, warranty, after-sales service). For example, a mobile phone is a product that satisfies the need for communication.
Marking Scheme
- 11 mark: correct definition — a product is anything offered to a market to satisfy a want or need, including physical goods, services, ideas, or experiences.
- 21 mark: identifying tangible attributes (size, colour, packaging, design) and intangible attributes (brand, warranty, after-sales service) OR naming at least two types of products with examples.
Hint
A product is not just a physical object — think about all the things a company can offer to satisfy a customer's need, from a haircut to an insurance policy to a mobile app.
Quick Oral Answer
A product is anything offered to a market to satisfy a want or need, including physical goods, services, ideas, and experiences. It has tangible attributes (size, colour, packaging) and intangible attributes (brand name, warranty, after-sales service).
Analysis & Explanation
Product is the starting point of the Marketing Mix (the 4 Ps), so this simple-looking definition question anchors an entire unit.
Concept
- A product is any bundle of tangible and intangible attributes offered to a market to satisfy a want or need.
- It covers goods, services, ideas, experiences, and places — not manufactured items alone.
Common mistakes
- Assuming only physical, manufactured goods qualify as products; services and ideas are equally valid products.
- Forgetting to mention both tangible (physical) and intangible (brand, warranty) attributes in the answer.
Real-world
- Buying a Samsung TV also buys the brand promise, warranty, and after-sales support — this is the 'augmented product.'
- Marketers differentiate similar core products by strengthening these non-physical layers (service, image, guarantees).
Common Mistakes
- 1Defining product only as a physical good, omitting services, ideas, and experiences — CBSE expects the broader definition covering both tangible and intangible offerings.
- 2Listing features of a good product (quality, durability) instead of defining what a product is — the question asks for a definition, not characteristics of a good product.
- 3Confusing product attributes with the product itself — tangible attributes (size, colour, packaging) and intangible attributes (brand name, warranty) are parts of the product, not the definition.
Previously Asked
Define 'product' in marketing terms.
What is the difference between a product and a service?
Explain the concept of a product. How is it different from a mere physical good?
Interesting Facts
Philip Kotler, known as the 'father of modern marketing', defined a product so broadly that it includes 'anything that can be offered to a market for attention, acquisition, use, or consumption' — which means a handshake, a concert performance, or even a politician can be analysed as a product using marketing frameworks.
The world's most valuable product brand in 2024 was Apple, valued at over $500 billion — yet a significant portion of that value comes from intangible product attributes like brand loyalty, ecosystem integration, and design philosophy rather than the physical hardware itself.
India's film industry (Bollywood) treats each movie as a product with tangible attributes (running time, star cast, production quality) and intangible attributes (brand of the director, genre reputation, nostalgia value). The marketing mix for a film launch closely mirrors FMCG product launches.
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Frequently Asked Questions
What is the difference between a good and a service as types of products?
A good is a tangible, physical product that can be touched, seen, and stored — such as a book, a chair, or a refrigerator. A service is an intangible product that cannot be touched or stored — it is performed or experienced, such as a haircut, banking, or a train journey. Both goods and services are products because they satisfy customer needs, but they are marketed and delivered very differently.
What are tangible and intangible attributes of a product? Give examples.
Tangible attributes are the physical, measurable characteristics of a product: size, weight, colour, material, and design. For example, the tangible attributes of a mobile phone include its screen size, battery capacity, and camera resolution. Intangible attributes are non-physical but valuable: brand reputation, warranty, after-sales service, and customer support. Apple's strong brand image and ecosystem are intangible product attributes that justify its premium pricing.
Can an idea or a place be considered a product?
Yes. In modern marketing, the concept of a product extends beyond physical goods to include ideas, places, people, and experiences. A government's 'Swachh Bharat' campaign markets the idea of cleanliness. A state tourism board markets Goa or Rajasthan as a place-product. A political party markets its leader as a person-product. An adventure park markets the thrill experience as its product. Anything that satisfies a want or need and is offered in a market qualifies as a product.