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DQ 1, Wk 1Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make purchase decisions based on perceived benefits. Sometimes translating desired benefits to product design, features, and overall product strategy can be challenging for marketers. Define the word "product" as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful. Cite your examples.Hello Everyone,As defined by marketing, a product is, “Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations and ideas”, (Kotler, Wong, Armstrong & Saunders, 2008). Anything for which consumers perceive a need can be marketed. Tangible products include things like appliances, tires, vehicles, lawn mowers, etc. Intangibles mainly refer to services offered to customers. “Services are a special form of product which consists of