ABSTRACT
Products are objects, items, and goods which may be bought or sold. They may be as small as a pin or screw or as large as a building or supertanker. Some are used to undertake specific functions and others for more enjoyable, hedonic purposes. They are usually visible and tangible, but not always. For instance, a steel manufacturer may buy oxygen. Although customers often believe that their product purchases are determined overwhelmingly by the core product itself, those decisions are usually heavily influenced by other factors or characteristics surrounding the core product. Some products, such as salt or petrol, are commoditised. Others, such as consumer electronic goods, are extremely differentiated from competitors’ offerings, necessitating fastidious planning, manufacturing, and marketing. The main custodian of a product within its organisation is usually a product manager, or perhaps a brand manager. However, numerous stakeholders, especially within the marketing function of a firm, contribute to the success or failure of a product within the marketplace.
