Product

Product: Product is the service or commodity which is designed with an aim to satisfy the needs of consumers. It is the first component of marketing mix. Product is not only a thing, it can also be events, persons, ideas, information etc. By creating products, an organization offers value to its consumers and in return, it receives financial profit. For instance, Unilever creates and offers more than 400 products for home care, personal care etc. Being able to offer products according to customer need increases the rate of earned profit and confirms the sustainability of the company in the marketplace. The marketers make sure that the products are different than competitors’ products.
Price: The monetary benefit that an organization gets in return to offering products or services to customers is called price. Determining the price of a product or service requires maintaining pricing strategy or policy. The pricing of the products sold at a wider range which are easily find-able is done as per the market and geographic division. The pricing of a product must be based on the competitors’ pricing and it cannot be more than the industry standard.