Definition of a Product
A product satisfies consumers’ needs and wants, whether tangible or intangible. Most products fall between goods and services, such as a restaurant providing food and additional services like ambiance and table clearing.
Examples of Products
In math, the product is the result of multiplying numbers. Convenience products like laundry detergents and fast food are bought frequently and easily. Unsought goods like fire extinguishers are not actively sought out. Consumer goods, such as cars and jewelry, have unique brands and qualities.
Types of Consumer Products
There are four main types of products:
- Convenience goods
- Shopping goods
- Specialty goods
- Unsought goods
Convenience goods are bought frequently, shopping goods involve comparison, specialty goods have unique brands, and unsought goods are not actively sought.
Products play a crucial role in daily lives and the economy by meeting needs, providing value, and satisfaction. They continue to evolve to better serve consumer demands, as seen in the continuous improvement of products like Apple’s iPhone.