Definition“In marketing, a product is anything that can be offered to a market that might satisfy a want or need.However it is much more than just a physical object. It is the complete bundle of benefits or satisfactionsthat buyers perceive they will obtain if they purchase the product”.It is the sum of all physical, psychological, symbolic, and service attributes.A product is similar to goods. In accounting, goods are physical objects that are available in themarketplace. This differentiates them from a service, which is a non-material product.The term “goods” is used primarily by those that wish to abstract from the details of a given product. Assuch it is useful in accounting and economic models. The term product is used primarily by those that wishto examine the details and richness of a specific market offering. As such it is useful to marketers, managers,and quality control specialists.A man can also be an experience, which like a service is intangible. However an experience is unique tothe receiving individual, based upon their history. Example: amusement parks offer rides (product),acceptance of credit cards (service), and audience participation at the dolphin show (experience). My valueof the dolphin show is different from yours, and to the extent I value it more, will trade more for it(money).The word product is also used as a pejorative term to describe teenagers who have homogenizedthemselves in the sense they have become indistinguishable due to their clothing, possessions, and brandsthey choose to display (at least at first glance).THREE ASPECTS OF A PRODUCTThere are three aspects to any product or service:1. Core Benefito In-use benefitso Psychological benefits (e.g., self-image enhancement, hope, status, self worth)o Problem reduction benefits (e.g., safety, convenience)2. Tangible Product or Serviceo Product attributes and featureso Qualityo Stylingo Packaging protection and label informationo Brand name3. Augmented Product or Serviceo Warrantyo Installationo Deliveryo Credit availabilityo After-sale service and maintenanceTYPES OF PRODUCTSThere are several types of products: