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Marketing-Insider
  • Home
  • Updates
  • Marketing Explained
    • I: Marketing and the marketing process
      • Definition: What is Marketing?
      • The Marketing Process
      • The 5 Marketing Concepts
      • The Marketing Strategy
        • Market Segmentation
        • Market Targeting
        • Differentiation and Positioning
          • Differentiation
          • Positioning
      • The Marketing Mix – The 4 Ps
      • Marketing Instruments
      • Portfolio Analysis: Boston Matrix
      • Portfolio Planning: Growth and Downsizing
      • SWOT Analysis
      • Definition of Product and Service
    • II: Understanding the marketplace
      • The Macro Environment
      • The Buyer Black Box – Buyer’s Characteristics
      • The Buyer Decision Process
      • B2B Market Characteristics
      • Customer Lifetime Value
      • Customer Relationship Groups
    • III: Designing a marketing strategy
      • How to create a Marketing Plan – 8 Steps
      • The Consumer Product
        • Three Levels of Product
        • 4 Types of Consumer Products
        • Different Types of Consumer Products
      • Product Line and Product Mix Decisions
        • Individual Product Decisions
        • Product Line Decisions
        • Product Mix Decisions
      • New Product Development (NPD)
        • The New Product Development Process
        • New Product Development Strategies
      • Pricing Strategies
        • What is a Price?
        • 3 Major Pricing Strategies
          • Customer Value-based Pricing
          • Cost-based Pricing
        • Additional Pricing Considerations
          • New Product Pricing
          • Product Mix Pricing Strategies
          • Price Adjustment Strategies
          • Initiating price changes
      • Product Life Cycle (PLC)
        • Product Life Cycle Stages (PLC)
        • Product Life Cycle Strategies
      • Branding Decisions
      • Characteristics of Services
    • Interesting
      • New View on Marketing
      • Next-Gen Marketing Tool: Virtual Reality
      • Advertising Evolution
      • The 5 Don’ts of Presentations
      • Successful Mobile Marketing
      • Why Most Marketing Strategies Fail
      • How to create a Marketing Plan – 8 Steps
      • How to write a good Marketing Plan
      • 5 Don’ts of LinkedIn
      • Using Social Media in Marketing
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      • What is SEO?
      • How Search Engines work
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Tag:

definition product

    Marketing Explained

    Definition of Product and Service – What is a Product, What is a Service?

    by Maximilian Claessens 23rd April 2015
    written by Maximilian Claessens

    One element of the marketing mix is the product. As marketers we have to find the right products or services for our target market. The product or service should deliver superior customer value. But – What is a product, and what is a service? We give you the definition of Product and Service.

    A product can be defined as anything that we can offer to a market for attention, acquisition, use or consumption that could satisfy a need or want. However, the definition of product does not only involve tangible goods such as a car, a fridge or a phone. The definition of product must be extended to include intangible objects as well, because they can be offered to a market as well. Therefore, the broad definition of product includes services, events, persons, places, organisations or even ideas. Thus, the definition of product leads us to a broad range of things: a car, a phone and a coffee can be a product. But so can a trip to Paris and an advice from your doctor.

    Special attention should also be given to the definition of service. What is a service? And if the definition of product already includes services, where is the difference? Indeed, services are a special form of product which consists of activities, benefits or satisfactions offered for sale that are intangible and do not result in the ownership of anything. This is much more narrowed down than the definition of product. A service can thus include banking, airline travel, communication services, hotel services and so on.

    23rd April 2015
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  • 1

    The Macro Environment – Six Forces in the Environment of a Business

  • 2

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    4 Types of Consumer Products and Marketing Considerations – Convenience, Shopping, Speciality and Unsought Products

  • Three Levels of Product – Core Value, Actual Product, Augmented Product

  • Characteristics of Services: What is a Service – And what makes it so special?

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