Products and Marketing

I would like to start speaking about this topic with defining what the product is. Marketing theorists tend to give the word product a very broad meaning, using it to refer to anything capable of satisfying a need or want. Thus services, activities, people (politicians, athletes, film stars), places (holyday resorts), organizations (hospitals, colleges, political parties) & ideas as well as physical objects offered for sale by retailers, can be considered as products. But actually there is more simple definition of a product – something that is produced or manufactured & sold, often in large numbers. Physical products can usually be augmented by benefits such as customer advice, delivery, credit facilities, a warranty or guarantee, maintenance, after-sales service, & so on. Products are sometimes referred to as goods, for example in the expression fast-moving consumer goods (FMCG). Product (or business) generating a lot of profit is a money spinner. A product may be seen as expensive or cheap, but “expensive” may imply “too expensive” & “cheap” is often used to show disapproval of poor quality. A way of getting round this is to say that product is high-priced or low-priced. Similarly, products may be mid-priced. & according to this, markets can be distinguished for up-, mid-, & down-markets. Products that are expensive compared to others of the same type are described as up-market. Mid-priced products are described as mid-market. Low-priced products may be referred to as down-market, but this term usually shows disapproval.
Talking about goods we can define white & brown goods, cash cow & loss leader. White goods are things such as washing machines & refrigerators. Brown goods are things such as televisions & hi-fi equipment. Cash cow, technically, is a profitable product (or business) with high market share in a low-growth market, but it is also used to...

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