ABSTRACT
While product policy is undoubtedly the most important element of the marketing mix, there is still an immense amount of misunderstanding about exactly what a product is and what a product does. (See Figure 70.) All too often, products take on a life of their own and manage to create a dedicated and devoted following within the organization long after their useful life, as far as the marketplace is concerned, has passed. Products, while important, do not deserve to have the right to an existence for their own sake. A product is no more than the most appropriate vehicle, at any point in time, which will carry satisfactions produced by the organization in one direction, and carry profits from the marketplace to the organization in the opposite direction.
