Product

Product is anything that can be offered to a market that might satisfy a want or need. There are two concepts of product narrow concept and wide concept. In its narrow concept, a product is a bundle of physical or chemical properties which has come utility. A product is not a non living object; it is not a mere assemblage of matter physical and chemical. Utility alone is not the function of the product. A product means an object which satisfies the need of the customer. Thus fan table pen cooler, chair etc, are products. In its wider concept all the brands all the colours all the packaging or all this designs of a product is taken to be different products.

For Example:

If a tooth paste is produced in three different sizes, these are three products because they satisfy needs of different customers. Thus if there is a change in the size or colour or brand or packaging it produces a new product. The product is thus total package of benefits received by a customer.