State the Concept of product and its classification
Product refers to the goods and services which are offered by organisation for sale. Here the marketers have to recognise that consumers aren't simply interested in the physical features of a product though a set of tangible and intangible attributes which satisfy their wants. For instance, when a consumer buys a washing machine he isn't buying simply a machine but a gadget which helps him in washing clothes. It also needs to be noted that term product refers to anything which can be offered to a market for attention, acquisition, or use. Hence, term product is defined as "anything that can be offered to a market to satisfy a want". It generally includes physical objects and services. In a broader sense, though, it not only includes physical objects and services but also supporting services such as brand name, packaging accessories, installation, after sales service etc.