As said Product is everything.
Product is an outcome of an idea based on innovative thinking & market requirements. The market requirements can be anything either on basis of existing line up where the demand of adding new innovative feature becomes a good choice or introduction of totally new idea matters a lot. Beyond any doubt, the best technology does not work all the time but best ideas matter a lot.
Product need to be smarter than the competition, and the introduction should be very impressive and easily understandable to create a strong K Factor. Products are tangible or intangible depends on the category of product management.
Generally products can be goods, services or ideas
|GOODS||The tangible & homogeneous form. Here the technical innovation, research and development for the products are involved based on market research, client feedback. The new goods are produced to cater the market by adding new features to existing product or introducing totally new conceptual goods above the competition.|
|SERVICES||The support provide to an end user or client anytime. The goods sold to client by any trader needs to support the end user to insure the smooth use of goods. That amounts to services. On the basis of market analysis the services can be divided into different categories like warranty support, spare parts support, software upgrades if needed etc.|
|IDEAS||Non material action like consultancy. Here different products can be like domain name protection, intellectual property rights, patents protection, copyrights etc.|
In retail market, merchandise is the product. In manufacturing, raw material & finished good is the product.
The products can be classified on the basis of use or association. As we can see on any online sales website, the products are classified on basis of use like function & brand etc. Similarly on basis of classification, we divide in different categories like HD CCTV, IP CCTV, AHD CCTV etc.
For any inquiry regarding product management contact the author at firstname.lastname@example.org