Product is a set of tangible, intangible and associated attributes level of being exchanged for a value with the ability to satisfy consumer and business needs. The other analogues term include product mix, product line and product item. product mix is a composite of product, product line is a group of closely related product and product item is a specific version of a product. Traditionally, product have been classified as consumer and industrial product, durable and nondurable product and convenience, shopping speciality products. however, modern product classification does not categorise the product in such a manner. Rather, it spot them on a Continum, identifies more characteristic and then give them new man like, white, blue and black.
A new product is any product that is perceived by the consumer as being 'new' the 'newness' may be perceived when the product has been either offered at low price awesome modification has been made on it, or even offered in a new packaging.
A product is new as long as customer perceives it to be so. In a highly competitive market, new product strategy is one of the internal growth strategy. To make new product successful, the marketers should understand the process of new product development and also that the diffusion new product, Idea, or innovation in a given market, cultural and socio factor, costs, risks, quality and perceived benefit go long way in determining whether a new product will succeed.
product market is a combination of a product and the group of a people who have demand for that product or products. product design provide the foundation and rational judgement for designing entire marketing programs
