George Fisk defines the term ‘product’ as, “Product is a cluster of psychological satisfactions.” The product is thus total package of benefits received by a customer. Thus, if there is a change in the size or colour or brand, or packaging, it produces a new product. To illustrate, if a Talcum Powder is produced in three different sizes, these are three products because they satisfy needs of different customers. In its wider concept, all the brands, all the colours all the packaging or all the designs of a product is taken to be different products. Thus fan, table, T.V, pen, cooler, chair etc., are products. ![]() Utility alone is not the function of the product. Under the narrow concept, a product is a bundle of physical or chemical properties which has some utility.Ī product is not a non-living object it is not a mere assemblage of matter physical and chemical. There are two concepts of product viz., narrow concept and wide concept. It may be referred to as anything that is to be offered to a market that might satisfy a want or need of a consumers. AldersonĪ product is meant to satisfy the need of the customer. Thus new definitions of the product explain the product as those goods as services-visible or non-visible- having any size, quality and quantity, which consumers use to satisfy their wants.ĭefinitions of Product – Provided by Eminent Authors like Phillip Kotler, Rustom S. The above definitions emerged due to narrow definitions which were not able to clear the meaning of product in the sense of word. Generally these goods are sign of high standard of living, mental satisfaction, ego-satisfaction and high personality. and artistic jewellery etc., are bought not only for their utility quality, but also because these possess a symbolic quality. Levy opines, “Goods are not just bought for what they can do for people but for what they signify.” For example, cars, T. Narrow definitions of product are incapable in expressing symbolic aspect of the product. For example, if different products, though seem similar from the point of view of quality, design and price, the consumer will prefer that product which provides enough guarantee, credit facilities, after sale service and facilities pertaining to payment in instalments. Thus consumers buy those products which provide them more benefits, facilities and satisfaction. Such factors may include services, facilities, conditions and circumstances which work as “base” for the customers who compare the products of one seller with that of the other. Narrow definitions of the product do not assimilate in them those features of the product which motivate the buyers to buy the products. Consumers are not only ignorant about these qualities, but they do not even evince any keen interest in knowing these qualities. Modern concept does not accept the narrow meaning of product, because it lays emphasis on physical and chemical qualities of product. “A product is a complex of tangible and intangible attributes, including packaging, colour, price, manufacturer’s and retailer’s services, which the buyer may accept as offering satisfaction of wants or needs”. Hanson and Professor Phillip KotlerĪ product can be safely defined as anything that satisfies the consumer need. Product Definition as Defined by Eminent Authors Definitions of Product – Provided by Professor Harry L. Learn about the definitions of product propounded by Professor Harry L. ![]() Examples of intangible services include banking, insurance, transportation etc. ![]() Examples of tangible goods include car, washing machine, mobile etc. However, in a broader sense of the term, it includes both tangible goods as well as intangible services. In a narrower sense, the term ‘product’ denotes tangible goods that have a physical existence. ![]() Product is an item or a thing that can be offered in a market for the satisfaction of human wants.
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