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class="synopsis">Product life cycle is the cycle through which every product goes through from introduction to withdrawal or eventual demise.</div><a class="moreRead" href="/definition/product-life-cycle">Read More</a></div></li><div class="clr"></div></ul></div><div class="clr"></div></div><h1 class="definitionTitle">What is 'Product'</h1><br><div class="section1"><div class="Normal"><strong>Definition: </strong>A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same.<br> <br> <strong>Description: </strong>A product needs to be relevant: the users must have an immediate use for it. A product needs to be functionally able to do what it is supposed to, and do it with a good quality.<br> <em>A product needs to be communicated: </em>Users and potential users must know why they need to use it, what benefits they can derive from it, and what it does difference it does to their lives. Advertising and 'brand building' best do this.<br> <br> <em>A product needs a name:</em> a name that people remember and relate to. A product with a name becomes a brand. It helps it stand out from the clutter of products and names.<br> <br> <em>A product should be adaptable: </em>with trends, time and change in segments, the product should lend itself to adaptation to make it more relevant and maintain its revenue stream.<br> <br> <em><strong>Know more about Product: Watch video...</strong></em><br> <br> <embed></embed><br> <br><meta content="cms.next" name="cmsei"></div></div><div class="clr"></div><div id="widgetSEO" class="widgetSEO"><div class="readMoreTopics seoWidget seoWidget_con clearfix"><div class="prel"><h2 class="head">Read More News on</h2><div class="nextprev-btn slider_embd"><div data-ga-onclick="Previous | href" class="prev-btn arw_blk disable flt"><span class="alft"></span></div><div class="ts-dots flt"><ul></ul></div><div data-ga-onclick="Next | href" class="next-btn arw_blk ryt flt"><span class="aryt"></span></div></div></div><div id="slides_SEO" class="overh slides clearfix"><ul><li><a href="/topic/product">PRODUCT</a><a href="/topic/advertising-agency">ADVERTISING AGENCY</a><a href="/topic/buyers">BUYERS</a><a href="/topic/suppliers">SUPPLIERS</a></li><li><a href="/topic/brand-managers">BRAND MANAGERS</a><a href="/topic/sponsorship">SPONSORSHIP</a><a href="/topic/media">MEDIA</a><a href="/topic/publicity">PUBLICITY</a></li><li><a href="/topic/fmcg">FMCG</a><a href="/topic/event">EVENT</a></li></ul></div></div></div><div class="prevNextDefNames"><ul><li class="flt"><a href="/definition/pricing-strategies"><div class="prevDef flt"><i class="prev"></i>PREV DEFINITION</div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/pricing-strategies">Pricing Strategies</a><br><div class="synopsis">A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.</div><a class="moreRead" href="/definition/pricing-strategies">Read More</a></div></li><li class="flt"><a href="/definition/product-life-cycle"><div class="nextDef fltr">NEXT DEFINITION<i class="next"></i></div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/product-life-cycle">Product Life Cycle</a><br><div class="synopsis">Product life cycle is the cycle through which every product goes through from introduction to withdrawal or eventual demise.</div><a class="moreRead" href="/definition/product-life-cycle">Read More</a></div></li><div class="clr"></div></ul></div><div class="related_definition"><div class="related_defHeader"><div class="head flt">Related Definitions</div><div class="FAQ_pagination fltr"><div class="flt" id="pre"><a href="javascript:void(0);"><i class="prev"></i></a></div><div class="fltr" id="post"><a href="javascript:void(0);"><i class="next"></i></a></div><div class="clr"></div></div><div class="clr"></div></div><ul><li><a class="bdbottom" title="5 Forces Analysis Of The Environment" href="/definition/5-forces-analysis-of-the-environment">5 Forces Analysis Of The Environment<div class="synopsis"><p>The five forces model of analysis was developed by Michael Porter to analyze the competitive environment in which a product or company works. Description: There are five forces that act on any product/ brand/ company: 1. The threat of entry: competitors can enter from any industry, channel, function, form or marketing activity. How best can the company take care of the threat of new entrants? 2</p></div></a><a class="bdbottom" title="Advertising" href="/definition/advertising">Advertising<div class="synopsis"><p>Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK. Description: Advertising is always present, though people may not be aware of it. In today's world, advertising uses every possible media to </p></div></a><a title="Advertorial" href="/definition/advertorial">Advertorial<div class="synopsis"><p>An advertorial is a form of advertisement in a newspaper, magazine or a website which involves giving information about the product in the form of an article. Usually, a brand pays the publisher for such an article. Description: Advertorials are advertisements that appear in the media, be it magazines, newspapers or websites. Advertorials are paid content. They are used by marketers to educa</p></div></a><a title="Affiliate Marketing" href="/definition/affiliate-marketing">Affiliate Marketing<div class="synopsis"><p>erved the tags 'affiliate links' or 'sponsored posts' on websites before? Or have you wondered if it might be possible to earn money anytime, from anywhere? Well, that is the concept behind affiliate marketing. Affiliate marketing is a concept where an affiliate who enjoys a product and promotes the products on their social platforms receives a profit whenever a sale is made. Did you know that aff</p></div></a></li><li><a class="bdbottom" title="Ambient Advertising" href="/definition/ambient-advertising">Ambient Advertising<div class="synopsis"><p>Ambient Advertising is about placing ads on unusual objects or in unusual places where you wouldn’t usually expect to have an advertisement. Description: Ambient advertising evolved as a concept because it has a lasting impact on the minds of consumers which makes it more effective. Ambient advertising is all about creativity, and how effectively the advertiser is able to communicate the message </p></div></a><a class="bdbottom" title="Ambush Marketing" href="/definition/ambush-marketing">Ambush Marketing<div class="synopsis"><p>Ambush marketing, a term first coined by marketing guru Jerry Welsh, has not really been rigorously defined. However, it broadly refers to a situation in which a company or product seeks to ride on the publicity value of a major event without having contributed to the financing of the event through sponsorship. It is typically targeted at major sporting events - like the Olympic Games or the world</p></div></a><a title="Behavioural Segmentaion" href="/definition/behavioural-segmentaion">Behavioural Segmentaion<div class="synopsis"><p>Behavioral segmentation is a more focused form of market segmentation that groups different consumers based on specific behavioral patterns they display when making buying a product. Description: Behavioral segmentation classifies organizations and individuals into different categories based on how they act or behave towards products. It involves classifying consumers or grouping them based on </p></div></a><a title="Blue Ocean Strategy" href="/definition/blue-ocean-strategy">Blue Ocean Strategy<div class="synopsis"><p>'Blue Ocean Strategy is referred to a market for a product where there is no competition or very less competition. This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure. Description: Blue Ocean Strategy can be applied across sectors or businesses. It is not limited to just one business. But, let's first understand what is B</p></div></a></li><li><a class="bdbottom" title="Brand Tribe" href="/definition/brand-tribe">Brand Tribe<div class="synopsis"><p>A brand tribe could be regarded as a group of people who collectively identify themselves with the product and share similar views and notions about the brand. They are not just consumers of the product, but play a major role in its promotion. Description: A product is successful when it becomes a cult. Companies are not just selling consumers their products nowadays, but an idea, a vision as h</p></div></a><a class="bdbottom" title="Brand Valuation" href="/definition/brand-valuation">Brand Valuation<div class="synopsis"><p>Brand valuation is the process used to calculate the value of a brand or the amount of money another party is prepared to pay for it. Description: A brand comprises tangible as well as intangible elements relating to the company's style, culture, positioning, messages, promises and value proposition. Brand Valuation, subsequently, is an estimate of the financial value of a brand. There is no un</p></div></a></li></ul><div class="clr"></div></div><div class="clr"></div><h2 xmlns:valurl="com.times.utilities.CMSWebUtility" xmlns:listval="com.indiatimes.cms.utilities.CMSDateUtility" xmlns:java="java" class="relateHead">Related News</h2><ul class="udsgn" itemprop="itemListElement" itemscope="itemscope" itemtype="https://schema.org/ListItem"><li class="definitionStories"><img alt="Wockhardt Q2 Results: Net loss narrows to Rs 16 crore, revenue rises 7%" class="aaimg flt" src="https://img.etimg.com/thumb/msid-115262537,width-160,height-120/markets/stocks/earnings/wockhardt-q2-results-net-loss-narrows-to-rs-16-crore-revenue-rises-7.jpg"><a class="aimg" target="_blank" href="https://economictimes.indiatimes.com/markets/stocks/earnings/wockhardt-q2-results-net-loss-narrows-to-rs-16-crore-revenue-rises-7/articleshow/115262537.cms" itemprop="url"><meta itemprop="name" content="Wockhardt Q2 Results: Net loss narrows to Rs 16 crore, revenue rises 7%"><meta content="1" itemprop="position"><span class="title">Wockhardt Q2 Results: Net loss narrows to Rs 16 crore, revenue rises 7%</span></a><span class="artSyn">Drugmaker Wockhardt on Wednesday reported a net loss of Rs 16 crore in Q2FY25 led by improved performance across UK, India and emerging markets.</span></li><li class="definitionStories"><img alt="Eureka Forbes Q2 Results: Net profit shoots up 83% YoY to Rs 46 crore, revenue up 27%" class="aaimg flt" src="https://img.etimg.com/thumb/msid-115058410,width-160,height-120/markets/stocks/earnings/eureka-forbes-q2-results-net-profit-shoots-up-83-yoy-to-rs-46-crore-revenue-up-27.jpg"><a class="aimg" target="_blank" href="https://economictimes.indiatimes.com/markets/stocks/earnings/eureka-forbes-q2-results-net-profit-shoots-up-83-yoy-to-rs-46-crore-revenue-up-27/articleshow/115058410.cms" itemprop="url"><meta itemprop="name" content="Eureka Forbes Q2 Results: Net profit shoots up 83% YoY to Rs 46 crore, revenue up 27%"><meta content="2" itemprop="position"><span class="title">Eureka Forbes Q2 Results: Net profit shoots up 83% YoY to Rs 46 crore, revenue up 27%</span></a><span class="artSyn">Eureka Forbes reported an 83.2% YoY rise in Q2 net profit to Rs 46.67 crore, with revenues up 27.6% to Rs 672.87 crore. 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