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Product is a good, service, or an idea received in exchange.

-That includes, function, social and psychological utilities and benefits.
-Supporting services such as installation, gurantees, product information, etc.

Good- A tangible, physical entity
Service- The intangible result of the application of human and mechanical efforts to people or objects.
Idea- A concept, philosophy, image or issue.

The Core product
-Products fundamental utility or main benefit
-Addresses the basic need of the consumer.

Mobile phone - making phone calls

Supplemental Features
-Provide added value or attributes in addition to a product's core utility or benefit.
* installation
*Delivery
*Training
*Financing
-Help differentiate the product brand from another

Symbolic Experiential
- Buyers purchase the benefits and satisfaction they think the product will provide.

*Services are purchased basis on expectations
*Shopping experience can provide benefit
*Products often carry symbolic meaning.
*Symbols and cues are used to make intangible products more tangible, or real, to the customer.

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The PLC where sales rise at an exponential rate, profits reach a peak, and then they begin to decline

-Promotion costs drop as percentage of sales

-Marketers must :
1. focus on sustaining brand loyalty
2. Intensify segmentation
3. Strengthen market share
4. Analyze production position
5. Ensure efficient distribution system

-place and price

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- The stage of a product where the sales fall rapidly

Marketers will most likely:
- Eliminate or reposition items
- cut promotion
- Eliminate marginal distributors
- Plan to phase out product
Examples of a declining product

- Pokemon Go
- Bitcoin
- Public Phones
- Fax machines

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-Initial stage of a products life cycle where it first appears in marketplace when sales start at zero and profits are negative

-High risk of failure with less than 10% of products succeeding in the marketplace as most startups lack resources technological knowledge, and marketing skills.

-90% of successful introductions come from a handful of established companies as they have adequate information and resources as well as marketing skills

-promotion is most important in this stage

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The stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continues to fall

Cause Of maturity
- Intense competitions
- Weaker competitors exit the market
- Advertising and dealer- oriented promotions predominate

Strategic objectives
- Generate cash flow
- Maintain market share
- Increase share of customers

Examples of products

- DVD players
- Typewriters
- Blue ray players

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1.product bought to use in a firm operations
or to resell
or make other products
example Taylor's bought desktop for students use.

2. Classification of business products

-Installations
~facilities or non portable equipment
~example machinery

-Accessory equipment
~Equipment that not become part of the final physical product but is used in production or office activities.
~example office computer.

-Raw materials
~basic natural materials that become part of a physical product.
~example Michelin need rubber to produce new tyres.

-component parts
~items that become part of the physical product.
~example, Michelin tyres is a components parts of Honda cars.

-Process materials
~materials that are used directly but not readily identifiable.

-MRO supplies
~Maintenance, repair, and operating that facilitate production
~ and operation but do not become part of the finished product.

-Business services
~intangible products that organisations use in their operations.
~example, the company subscribe the anti virus for the laptop.

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Divided into four (4) classes;

- Convenience Products
- Shopping Products
-  Specialty Products
-  Unsought Products

Convenience Product
* Inexpensive
* Frequently purchased items where buyers exert the least effort.
- Strategic Consideration ; The purchases requires no search or usually at low price etc.
Ex rice
Shopping Procucts
* Items buyers are willing to put in more effort in planning and making the purchase.
-  Which means the buyers conduct more extensive search or there are more available substitutes
Strategic Consideration ; Few retail outlets.
Ex cars

Specialty Products

* Unique items that buyers are willing to put in more effort to obtain.
- Which means that it requires an extensive search, are generally high in price Strategic Consideration ; Have limited retail outlets.
Ex ; Limited edition shoe etc

Unsought Products

* Products purchased to solve a sudden problem.
* Products where customers are unaware.
*Products people don't think of buying.
- This is because there's normally no search or the price is not important.
Strategic Consideration ; Build trust with consumers.
Ex;  medicine

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A group of closely related product items clustered ad viewed as a single unit because of marketing, technical, and consumer end considerations. For example, a cosmetic company may have a single product line consisting of multiple products such as concealer, foundation, brushes

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Total group of product items that a company offers to its customers

Width
The number of product lines a company offers

Depth
The average number of different products a company offers within a product line