We all talk about products many times in our lives. People who work in marketing use the word even more often. Business leaders count on products to help them make money. Customers buy products to meet their needs. Makers of products always try to improve them so that customers are happier. Products are also what we spend our money on, so they need to be useful.
What Is a Product?
The word "product" can mean different things depending on how it is used. In math, it’s the answer you get when you multiply. In ideas, it’s something your brain creates. But in business, a product is something made or offered to people to meet their needs. Products can be real items you can touch, like a toy, or things you use online, like a mobile app.
A product should be helpful and give value to the person using it. It must solve a problem or make life easier. Companies spend money to create products and then sell them to earn money. These products help companies make a profit and give jobs to many people.
Types of Products
There are many products in the world, but they can be grouped into ten main types. The first four are for customers, and the others are for businesses.
Types of Products
Convenience Products
These are things people buy often, like when they run out. They are usually cheap, easy to find, and used every day—like soap or toothpaste. People don’t spend a lot of time choosing these items. They often stick to the same brand and don’t compare much. Staples: Items people buy the most, like milk or bread. Shoppers usually buy the same brand each time to save time.
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Impulse Buys: These are not on the shopping list. People see them in stores and suddenly want to buy them—like candy at the counter.
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Emergency Purchases: These are also not planned but are needed to solve a problem—like buying a flashlight during a power cut.
Shopping Products
These are things like clothes, furniture, phones, or even cars. People don’t buy them often. So they spend more time comparing options. Buyers look at quality, features, price, and style before choosing.
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Homogeneous Products: These look mostly the same, so people decide based on price—like washing machines.
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Heterogeneous Products: These seem different because of features or quality—like shoes or mobile phones
Specialty Products
These are unique or special items. People stay loyal to certain brands. For example, someone who loves a certain car brand will likely buy from the same brand again. Examples include luxury cars or high-end electronics.
Unsought Products
These are things people don’t usually plan to buy or don’t know they need—like fire alarms or insurance.
Raw Materials
These are natural items like wood, minerals, or animals. They are not finished goods but are used to make other products.
More Types of Products
Components
These are parts made by one company and sold to another. The second company uses them to make final products. These parts don’t change shape or form but are not useful on their own.
Capital Goods
These are tools or equipment used to make other things. Examples include machines, buildings, and office tools. These are expensive and usually bought only once.
Major Equipment
This includes large machines, vehicles, and computers that companies use to produce goods. Even devices that help sell or move products are included here.
Accessory Equipment
These are tools used to maintain or fix other machines. They are not directly used to make products. These tools don’t last as long as major equipment.
Operating Supplies
These items help a company with daily tasks. For example, paper, pens, or small spare parts. Companies buy these often since they get used up quickly.
How New Products Are Made
All products start as ideas. These ideas come from product managers who try to solve problems that customers face. Turning an idea into a product takes time and happens in seven main steps.
1. Idea Generation
This is where everything starts. The goal is to think of many different ideas that can solve customer problems. The team first lists all the problems customers face and then thinks of ways to solve them.
2. Idea Screening
Now, the team looks at all the ideas and picks the best one. But it’s not just about being the best the idea must also be something the company can actually make.
3. Concept Development and Testing
Here, the idea is turned into a more detailed plan. The team checks if making the product is worth the effort.
4. Market Strategy
This step is about planning how to sell the product. The team decides on the product’s features, price, where to sell it, and how to promote it.
Now, the actual product is built. First, a sample or prototype is created to show how it will look. Then, the team makes a simple working version with only the important features. This is called the Minimum Viable Product (MVP).
Why Do Some Products Fail?
Not all products become successful, even if a company spends a lot of time and money on them. Some products fail because they don’t really solve a problem or meet a need. Sometimes, the idea may seem good, but people don’t actually want or need it. In other cases, the product may be too expensive or not work as expected
How to obtain product certification?
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Conclusion
Products are a big part of our lives. They help us solve problems, make life easier, and even bring joy. In business, products are very important because they help companies grow and earn money. Whether it’s a toy, a mobile app, or a machine in a factory, every product starts with a simple idea.
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