Products and Services
People satisfy their needs and want with products. A product is anything that can be offered to a market to satisfy a need or want. Usually, the word product suggests a physical object, such as a car, a television set, or a bar of soap. However, the concept of the product is not limited to physical objects - anything capable of satisfying a need can be called a product.
In addition to tangible goods, products include services, which are activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Examples are banking, airline, hotel, and household appliance repair services. Broadly defined, products also include other entities such as persons, places, organizations, activities, and ideas. Consumers decide which entertainers to watch on television, which political party to vote for, which places to visit on holiday, which organizations to support through contributions, and which ideas to adopt. Thus the term product covers physical goods, services, and a variety of other vehicles that can satisfy consumers' needs and wants.
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Marketing concepts