tutor2u GCSE Business Studies Products What is a product? A product is “anything that is capable of satisfying customer needs”. This definition therefore includes both: f Physical products – e.g. cars, washing machines, DVD players, take-away pizzas. f Services – e.g. dental treatment, accountancy, insurance. Products are at the heart of marketing. The product needs to exist for the other elements of the mix to happen. Part of the marketing of the product is through product differentiation . This means making the product different from its competitors. Product differentiation can be achieved through: f Distinctive design – e.g. Dyson; Apple iPod. f Branding- e.g. Nike, Reebok. f Performance- e.g. Mercedes, BMW. Most businesses sell more that one product. Often they will produce several similar products that appeal to different customers. A collection of such products is known as a “product group” or “ product range”. Good examples of product groups include:
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