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Tuesday, 18 September 2018

Things that Constitute Product

The following is the spectrum of what constitutes products in the market. When we say product we are referring to any of these entities because each of them can be used to give benefits or satisfaction to consumers.

 1. Goods : these are essentially physical products such as omo detergent, soap, dress, bonvita, e.t.c.

 2. Services : A service is any act or performance that one party can offer to another that is essentially intangible or does not result in the ownership of anything. Services include hairdressing, lecturing, car repairs, the work hospitals, airlines, hotels, barbers and beauticians.

3. Experience : This refer to the benefits or satisfaction a person gets by having contact with a visiting certain locations, places or persons. By orchestrating several services and goods one can create, stage and market experiences.

4. Ideas : Ideas are giving birth in the human mind and I use to offer solution or improve the situation of people. A useful idea which gives satisfaction to the consumers can be regarded as product. For instance, ideas on how to control one's weight or undertaking family planning.

5. Persons : A person is a product in the sense that he can perform certain services for the consumer. For example, a political candidate who wins in an election and becomes the president of nigeria is a product because of the benefits and services which the citizens receive from him by a way of economic development and improvement to their standard of living.

 6.places : A place is also regarded as a product because it can offer satisfaction of benefits to the consumers. For instance, people visit polo park to get an amusement or entertainment.

7. Properties : properties are tangible rights of ownership of either real property such as real estate or financial property such as stock and bonds. We have residential or commercial real estate. Financial properties purchased by both institutional and individual investors.

8. Organisation : Since an organisation is established to offer benefits or satisfaction to consumers, it is also regarded as a product. For example the institution of management and technology London is established to offer educational services to students.

9. Information : Information can be produced and marketed as a product. For instance success digest is a magazine, which offers information on how to succeed in life.

10. Events :  Events such as trade fairs, sports and festivals can be regarded as products. Such events have to be planned, organised, programmed and executed in order to give satisfaction to participants or celebrant.