Product,market and marketing relations
Презентація по слайдам:
Product is everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits.
In marketing, a product is anything that is offered to a market that customers can use, interact with or consume, to satisfy a want or need. It is one of the four Ps of the marketing mix.
A good is a real, physical, tangible thing that is produced and consumed. On the hand, a service is an intangible attribute that involves selling help and advice, or delivering goods for customers.
Products can be grouped into two general categories: consumer and industrial. Products purchased to satisfy personal and family needs are consumer products. Those bought for use in firm’s operations or to make other products are industrial products.
A market may be defined as a place where buyers and sellers meet, goods or services are offered for sale, and transfers of ownership occur. There are two distinct markets: product markets and factor markets.
Factor market is any place where factors of production ( e.g., land, labour, capital ) are bought and sold. Product market is any where finished goods and services ( products ) are bought and sold.
The market, therefore, is simply a place of medium where buyer and seller get together; which market they are in depends on what they are buying or selling.