Marketing Mix> Product

• A product is a bundle of utilities bought because it can satisfy a customer’s need.
• Customers buy a product or service for the benefits it gives them.
• There are three main types of benefits: functional, psychological, and social.
• These benefits should be kept in mind while planning any product.

Products may broadly be classified into two categories:

• Consumers’ products.
• Industrial products.

• Purchase of a motorcycle provides functional utility of transportation.
• It satisfies the need for prestige and esteem.
• It provides social benefit by way of acceptance from a group, by riding a motorbike.

• Product is a bundle of utilities satisfying a need.
• Customers buy products for the benefits they provide.
• Benefits are functional, psychological, and social.
• Motorcycle example shows all three types of benefits.
• These benefits must be considered while planning a product.
• Products are classified into consumers’ products and industrial products.