Products are at the heart of the marketing mix. The product needs to exist for the other elements of the mix to happen.
What is a product? A product can be defined as “anything that is capable of satisfying customer needs”.
This definition therefore includes both:
• Physical products – e.g. trainers, games consoles, DVD players, take-away pizzas
• Services – e.g. dental treatment, accountancy, insurance, holidays, music downloads
A product is often said to have three main elements:
(1) Core benefits
What the product actually does - the main functions of the product
• E.g. washing machine – it cleans clothes
• Cinema ticket – it lets you see a film
(2) Tangible or physical elements
What the product is made of; what it looks like; dimensions or duration
E.g. 500g of ice-cream
A flat-screen, plasma television which is HDTV compatible
(3) Other product (“augmented”) benefits
These are the extra elements which add to the perceived value of the product in the eyes of the consumer
Other product benefits can be tangible (e.g. materials, weight, extra features) or intangible (e.g. brand name, after-sales service, reputation for reliability)
E.g. free installation, full money-back guarantee
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