Meaning of Product :A product is a bundle of attributes that can be offered to a consumer in exchange of money to satisfy his needs and wants.
As defined by Philip Kotler product is anything that can be offered to a market for attention, acquisition, use or consumption. It includes physical objects, services, places, organizations, persons and ideas.
Product Concept :
In this concept producers believe that customers will buy the products which have best features and attributes like quality, appearance etc.
The major attention is on improving the product, modifying it and adding innovative features.
So they stress more on improving the product, modifying it and adding innovative features. In this concept producer’s main emphasis is on improving product features.
Major limitation to this concept is that the producer is just concerned about the product and its improvement not about other factors like, price, distribution and promotion, which are equally important for the success of the business.
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