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.