A product is a tangible object that is produced by a company to meet market needs or wants. It consists of various aspects like price, name, features, attributes, quality, design and so on.
Heterogeneous products are ones that have similar qualities or features, but are different from one another in terms of perceptions or real difference. For example, a branded moisturizer with colloidal oatmeal may help calm irritated skin, while an inexpensive one with shea butter might provide intense hydration.
The Lifecycle of a Product:
A good example is the computer chips that control the engine and dashboard screens in a car, which were once sold by their maker to the automaker and used in the manufacturing process. These chips don’t appear on the finished product, but they are still valuable to the automaker and the technicians who repair the vehicle.
Depending on its usage, industry, competition and other factors, a product has a defined life cycle. A toothpaste or detergent might be a FMCG (fast-moving consumer goods) production item that is consumed within a month, while a shirt or a watch may be a durable product that lasts for years.
Once a new product is launched, it’s important to know how it’s being used by your customers. This can reveal critical information about how your product is performing and where it’s failing. Understanding newshunttimes how people are using your product, including where they’re buying it from and who is purchasing it, can be helpful when planning your marketing strategy.