Product strategies: Basic decisions and product planning
A product is often considered in a narrow sense as something tangible that can be described in terms of physical attributes, such as shape, dimension, components, form, color, and so on. This is a misconception that has been extended to international marketing as well, because many people believe that only tangible products can be exported. A student of marketing, however, should realize that this definition of product is misleading since many products are intangible (e.g., services). Actually, intangible products are a significant part of the American export market. For example, American movies are distributed worldwide, as are engineering services and business-consulting services. In the financial market, Japanese and European banks have been internationally active in providing financial assistance, often at handsome profits. Even when tangible products are involved, insurance services and shipping are needed to move the products into their markets.