What is a product and what is a service? How do we find and develop new products and brand them? And, what is the product life cycle and why is it so important to a marketer?
A product is a tangible good which is offered for sale and then sold in the market. Eg pen, coffee
A service is a intangible good which is offered by the service provider to those who need it in exchange of money or other favor.
Eg tuition services
New products can be found and developed using market research based on consumer expectations and can be branded using different marketing techniques and consumer awareness.
Product life cycle is a complete cycle of a product starting from when its idea was conceived to when it is branded marketed and is finally finished off the market.
It is important to a marketer as a product is launched only to be sold off. Higher the sales, higher the reputation of marketer. So he will be concerned about how the product goes about its life cycle and how it can be sold appropriately.
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