Product is the result of a production process. Check out the definition of the product based on the opinions of the following experts!
In marketing activities, the notion of a product is a system or object available for use by consumers. Product is anything that can be offered to the market to satisfy the needs and desires of customers.
In the retail world, products are known as merchandise. Meanwhile, in the manufacturing industry, a product is purchased in raw materials and then sold and processed into finished goods. Apart from being physical objects, services or services can also be referred to as products.
Products are also known as commodities. Commodities that we know in the market are generally in raw materials such as cloth fibers or metals. But entities can also be in any form that is widely available on the open market.
In terms of project management, the notion of a product is the result of a project that can contribute to the project’s ultimate goal.
Understanding Product Based on Expert Opinion
Experts in the world have their understanding of the product. Some of them are:
The Definition of Product According to William J. Stanton
William J. Stanton is an American politician who is also a businessman. According to him, a product is a set of attributes that have a form or not, including packaging, price, color, and service that buyers can accept to fulfill wants and needs.
Understanding Product According to H. Djaslim Saladin, SE
H. Djaslim Saladin, SE, is the author of The Core Elements of Marketing and Marketing Management and an expert in marketing science. He grouped the meaning of the product into three types, namely:
- In its narrowest sense, a product is a set of properties, chemical and physical properties that are shaped and aggregated in a similar, recognizable form/
- Based on a broad definition, a product is something that can be offered and accepted by a buyer or customer as a form of fulfillment of their wants and needs, both in a certain form and in an intangible including color, packaging, prestige, and service.
- Based on its general meaning, the definition of a product is anything that can fulfill human wants and needs. It can be physical or non-physical, such as services.
Definition of Product According to Kotler and Armstrong
Phillip Kotler and Gary Armstrong are known as teams that often provide knowledge about marketing with their writings. Kotler himself is one of the world’s leading marketing experts, while Armstrong is a business lecturer.
According to Kotler and Armstrong, a product is anything that can be offered to the market for use, acquisition, attention, or consumption to satisfy the needs or wants of people in the market.
They also add that products can be tangible or intangible (such as services).
Kotler divides products into certain types, namely:
- Consumer Products.
This product is targeted at end-users. Some examples of consumer products include daily necessities such as food, toiletries, washing, etc.
In addition, there are also grocery products that can be compared with each other based on the brand and quality, such as televisions, shoes, etc.
There are also special products that are considered special that appeal to certain consumers such as cars or jewelry.
- Industrial Products.
Industrial products are sold to be processed to the next level of production and then offered to the market as a new product.
For example, spare parts (to make vehicles such as motorcycles or cars), wood (to assemble furniture such as chairs, cabinets, etc.), and many more.
There are also so-called capital goods, namely products that can be used in the long term to help the production process, such as factory buildings, production machines, cars, etc.
Business equipment and services such as advertising, consulting, and legal advice can also be classified into the industrial product category.
- Products based on durability.
Based on their durability, some products do not last long or can run out if consumed, such as food, soap, and so on.
Second, there are durable products that will not run out even if they are repeatedly used such as laptops, cabinets, refrigerators, and so on.
Definition of Products According to Swastha and Irawan
Basu Swastha and Irawan are the authors of the book Modern Marketing Management. According to them, the product is of a complex nature that can be touched or not. Products can be in color, packaging, service, or anything that can satisfy a desire or meet customer needs.
Understanding Product According to Fandy Tjiptono
Holding a position as a senior lecturer at the School of Business, Monash University Malaysia, Dr. Fandy Tjiptono is not a new figure in the marketing world. According to him, products are all forms, both physical and non-physical, that are offered by producers to consumers to be purchased, sought, or noticed by the needs and desires in the market.
According to Fandi Tjiptono, there are several levels of products circulating in the market. Some include main products, generic products, expected products, complementary products, and potential products. Each has a different end-user.
Meaning of Product Based on its Classification
Besides, according to experts, defining a product can also be done based on certain criteria. Some products are tangible (physical form) or intangible (non-physical form) when viewed from their form.
Physical products are all things that can be touched, such as cars, bicycles, clothes, gadgets, and so on.
Classification of Products by User
Based on the users, products can be divided into two main types of customers: consumers and businesses.
Based on the customers served, products are generally categorized as B2B (business to business) or B2C (business to consumer). A company can have both types of customers. However, understanding each type of customer who will buy will facilitate making a marketing strategy.
It can be concluded that the definition of a product is everything made by a manufacturer in both physical and non-physical forms to meet the needs and desires of customers in the market. Also read Market Segmentation: Definition, Terms, and Benefits.
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