In the marketing mix, the product or service is the most important element. There is an old saying in marketing: “Without a good product, you have nothing.” Product is directly related to satisfying the customer needs and wants in the target market. Customers acquire products for the singular reason that they are perceived as the means to satisfying their needs and wants.
According to Philip Kotler, “A products anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.” In effect, according to this definition products include physical products, services, persons, places, organisations and ideas. Various product attributes such as quality, variety, design, brand, packaging, services, and warranties, etc., can be manipulated depending on what the target market wants.
This may ultimately affect the product quality that can be kept high or low. Marketers also develop other product aspects such as service, packaging, labelling, instruction manual, warranties, and after sales service. Customers always look for new and improved things, which is why marketers should improve existing products, develop new ones, and discontinue old ones that are no longer needed or wanted by customers.
