What is the product?

A market is composed of individuals or companies that exchange products to meet needs or desires. This exchange involves the delivery of a product which is obtained by another product that has the same value. Consequently, it seems that the products are what allow a market and the lack of this would not be possible to make an exchange.

Seen from this point a product is a very important element in a market. But What is a product? Making a quick test, which is to ask people about which means product, we can find that most people refer to a product is a commodity produced in a factory or industry which is put up for sale.

To some extent this product definition is true, however, if seen from the viewpoint of marketing this product definition is very biased. In a broader product is composed of a series of tangible or intangible characteristics such as a trademark, packaging, plate, colour, flavour, quality, size, design, etc.. That part of a good, service, a person, a place or an idea. As can be seen not only goods are considered as a product, but also services, people, places and ideas. And they are the tangible and intangible characteristics which differ among other products. Varying one of the characteristics of a product creates a new product.

When a person or company buys a product makes searching meet their needs or desires waiting to receive benefits such as product quality, warranties, length, good design, colours and appropriate fashion, prestige, trust, etc..

Any product in addition to features which make it unique, it has a generic name that serves to identify and appoint among other products. So names are generic products such as shirt, insurance, computer, consultancy services, automobiles, cellular, Internet, bank loans, doctor, lawyer, accountant, engineer, and so on.

It is prudent to add that when we say that a person may be a product, refers to the image and characteristics that owns the service offered by a person in the exercise of their profession or trade.

This is an example, the services provided by a lawyer, a doctor, an engineer, an architect, an marketers, a carpenter, an electrician, etc..

In conclusion, a product can be a good, service, a person, a place or an idea. Besides a product possesses a set of tangible and intangible characteristics that seek to provide benefits to consumers, to meet their needs and desires. Every product has a generic name which allows naming, identify and classify.