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- Meaning of Product
- Definition of Product
- Explanation of Product
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Product: The marketing process is surrounding by centralizing the product, service, and concept. But the product is above the service and concept. Because nowadays without product the existence of mankind can't imagine. We need also service. But the product is more valuable and demanded than it.
Giving a definition of the product in a word is a complex task. Because it is a multiplex concept. By the way, in general, we can say that what is seen in front of us is a product. Some experts think that which object has weight, utility benefits, and exchanging value is the product.
If we look forward by the marketing sense, the product is such element which helps to fulfill our physical and mental demand. Because the need, want and demand of human is fulfilled by the usage of product at last.
So, which is presented in the market in order to fill up the lack of mankind, draw attraction, receive the ownership, use & consume is called product.
For example; a heart patient feels the necessity of something for the pain in his chest. The necessity is defined by medicine. Then it becomes lack. The demand is grown from the lack. A medicine producing company of England i.e. Welcome ltd produces medicine titled Angised Glyceryl Trinitrate and places it in the market. Then such medicine becomes a product.
