Product can be goods or service.
Goods are of two types:
Consumer goods: Goods which are consumed by people such as chocolate, washing machine, television etc.
Producer goods: Goods which are used by producers or manufactures to produce further goods and services e.g. bottling plant, machinery, trucks etc.
Services are also of two types
- Consumer services: e.g. taxi, car repairing, schools etc
- Producer Services: e.g. factory insurance, advertising agencies.
Features of a successful product
Every successful product has the following features:
- It satisfying the needs and wants of the customers.
- Its provides value for money to the consumers.
- Usually distinctive from other ‘me too’ products.
- Stimulates interest of the consumers.
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