Determine the importance of Product - Marketing mix
Product refers to goods and services offered by the organisation. A pair of shoes, a burger, a lipstick, all are products. All these are purchased as they satisfy one or more of our needs. We are paying not for the tangible product but for benefit it will provide. So, in general, product can be described as a bundle of benefits which a marketer offers to the consumer for a price. When buying a pair of shoes, we are actually buying comfort for our feet, when buying a lipstick we are actually paying for beauty as lipstick is likely to make us look good. Product can also take the form of a service such as an air travel, telecommunication, etc. Thus, term product refers to goods and services offered by the organisation for sale.