A product is the heart of the entrepreneurial activities of any business organization. It is the central theme of the whole operational process. In this article, we will discuss what are the Features of A Product. Almost everything that we purchase like foodgrains, textiles, toothpaste, books, pen, T.V., car, and many other such items in our daily life to satisfy our different needs are termed as products. The entrepreneurial process begins with the identification of human needs and requirements, ends with the satisfaction of these needs by offering something. This offering’ is the product.
Features of A Product
A product is something that is produced and sold in large quantities, often as a result of a manufacturing process. Hence, a product is a bundle of satisfaction that a customer purchases. It is the solution to customers’ problems. The product is almost always a bundle of tangible and intangible benefits derived by the user. It is simply a set of tangible physical and chemical features assembled in an identifiable and quickly recognized form.
Definitions of Product
1. “Product is a bundle of utilities consisting of various product features and accompanying services.” -Alderson, W
2. “A product is something a firm produces that will satisfy a personal want or fill a business or commercial need, and includes all the peripheral factors that may contribute to consumer’s satisfaction.” -Schwartz, D. J.
3. “A product is a complex of tangible and intangible attributes, including packaging, color, price, manufacturer’s prestige, retailer’s prestige, and manufacturers and retailers services which buyer may accept as offering the satisfaction of wants and needs.” -Stanton, W. J.
4, “A product is made up of three parts: Tangible Product-materials and construction. Extended Product Part – Services and Generic Product Part- the benefits.” -Kotler, Philip
The product may be a good, a service, a good plus service, or an idea, personalities, and organization offered to a market include physical objects, design, brand, package, label, price, after sales services, supportive literature, amenities, and satisfaction.
Essential Features of a Product
A product may be defined as a set of tangible, intangible and associated attributes capable of being exchanged for money or money’s worth with ability to satisfy the needs and requirements of individuals and business. The following are the Essential Features of a Product:
1. Tangibility. An item should have the feature of tangibility to be called a product. A tangible product is a physical good which can be seen, touched, stored and transferred. It is made of some type of materials like wood, metal, plastic, glass, stone etc. Every tangible product has its own size, color, height, weight, texture, shape and density e.g.TV., toothpaste, car etc.
2. Intangibility. A product can be intangible. It is not a physical item and cannot be seen, touched, transferred, stored. It may be in form of service, advice, an idea etc. e.g. repairing, banking or insurance service, hairdressing.
3. Associated Features. Product may have some associated features like a package, warranty after sales services help in its identification and acceptance by purchasers.
4. Exchange Value. Every product should have an exchange value. The product should be capable of being exchanged between seller and purchaser for multiple agreed or acceptable price. It means every product has a monetary value for marketing purpose.
5. Consumer Satisfaction. A product should be able to offer value satisfaction to the customers. The customers are the King in the entire marketing process and all products are produced in accordance to his choice. A product is often referred to as a bunch of value satisfactions from the marketing point of view.
6. Commercial Purchase Satisfaction. To earn the profit on the product sold is the primary commercial need. Every product should have the feature of satisfying this commercial need in order to be a product.