Product can be goods or service.

Goods are of two types:

Consumer goods: Goods which are consumed by people such as chocolate, washing machine, television etc.

Producer goods: Goods which are used by producers or manufactures to produce further goods and services e.g. bottling plant, machinery, trucks etc.

Services are also of two types

  • Consumer services: e.g. taxi, car repairing, schools etc
  • Producer Services: e.g. factory insurance, advertising agencies.

Features of a successful product

Every successful product has the following features:

  • It satisfying the needs and wants of the customers.
  • Its provides value for money to the consumers.
  • Usually distinctive from other ‘me too’ products.
  • Stimulates interest of the consumers.