Sometimes, people think of products in two distinct ways: either as objects that people purchase or solutions to problems. But increasingly, the line between the two ideas is becoming blurred.
A product is anything that can be offered to the market for sale, acquisition, use or consumption that might satisfy a customer’s desire or need. This includes physical objects, services, people, places and even organizations and ideas.
Modern cars contain hundreds, if not thousands, of computer chips which control the engine and dashboard panel. While customers may never realize it, automakers who designed and manufactured these cars as well as mechanics who maintain them view these chips as valuable products.
Another example of a product is a pen with refillable ink cartridges. To the company manufacturing and selling chairs, those legs are also products.
Websites are products for their owners, but users also benefit from them. Optimizing not only the features provided by your product but how it satisfies customers’ needs is paramount to its success.
For most businesses, a product is something that solves an issue for customers. It could be an improvement on an existing item or something completely new-to-the company.