What is Product? Types and Attributes

A product is a tangible good, service, or digital offering crafted to fulfil specific consumer needs and desires. Its types—from daily convenience goods to exclusive speciality items—cater to various consumer demands, while its attributes, like quality, functionality, and brand reputation, define its unique identity and value in the marketplace.

What is Product?

The product is the solution that consumers buy. It can be a handy app on a mobile phone that organises daily tasks, a reliable car that gets you to work, or comfortable shoes that don't wear out. It's the practical, ready-to-use result of innovation tailored to fit into your life.

Products are crucial from a business perspective for creating offerings that stand out in the market and drive profitability. From a consumer perspective, a product is necessary for making informed purchase decisions that meet needs and provide satisfaction. 

Table of Content

• What is a Product?
• Types of Product
• Core Attributes of a Product
• Why are Product Attributes Significant for Customers?
• Integral Role of Product Management and Product Manager

What is a Product?

A product is a solution that addresses a specific customer need or demand. It is the final item available for use- a tangible good, digital item, or service that delivers value by fulfilling a purpose. It can be simplifying a task, providing entertainment, or solving a problem in the consumer's daily life.
A product concept is the process of envisioning and detailing the potential features and benefits of a new offering. This concept manifests as the product when fully developed and launched in the market.

Types of Product

Products can be categorized in several ways, depending on their use, target market, and distribution channels. Here are some common types of products:

• Consumer Products:

Consumer products are goods purchased by individuals for personal or household use. They are classified based on buying behaviour. Examples include toothpaste, furniture, luxury cars, and insurance policies. These products cater to daily needs, planned decisions, and occasional emergencies.

1. Convenience Products: These are inexpensive, frequently purchased items that require minimal thought or effort during the buying process. They are readily available, often at multiple outlets, and involve habitual purchasing. Examples include everyday items like snacks, soap, or bottled water.
2. Shopping Products: Consumers invest time comparing features such as price, quality, and design before purchasing these products. They are less frequently bought and involve a planned decision. Examples include electronics, furniture, and branded clothing.
3. Specialty Products: Unique products with distinctive features or brand prestige. Buyers exhibit strong preferences and are willing to make significant efforts to purchase them. Examples include luxury cars, designer handbags, or fine jewelry.
4. Unsought Products: These are items consumers do not actively seek or think about until needed, often purchased during emergencies or when circumstances demand. Examples include insurance policies, medical devices, or emergency repair services.

Core Attributes of a Product

A product attribute is a characteristic that describes a product or service and influences consumer choice. It provides shoppers with information that they can use to find, compare, and make a well-informed purchase decision. 
These attributes include tangible features such as size, color, and functionality, as well as intangible qualities like brand reputation, user experience, and perceived value, all of which contribute to a product's appeal and market success. Product attributes come into play during the consideration and evaluation stages of the consumer journey, where they influence the decision-making process.

Tangible attributes of a product include:

Intangible attributes of a product include:

Why are Product Attributes Significant for Customers?

Product attributes matter for several key reasons:

Consumer Decision-Making: These are the criteria consumers use to differentiate between choices when deciding what to purchase. Attributes like quality, features, and design influence buying behavior.

Competitive Advantage: Distinctive attributes can set a product apart, giving a company a competitive edge. Unique features or superior quality can be a selling point that drives sales.

Brand Identity and Perception: Brand attributes contribute to the overall brand image and how consumers perceive it. A brand known for durable products, for instance, will attract customers looking for longevity in their purchases.

Customer Satisfaction and Loyalty: When product attributes align with customer expectations, they enhance satisfaction, leading to repeat business and customer loyalty.

Pricing Strategy: Pricing strategies like advanced features or high-quality materials can justify a higher price point. At the same time, a lack of desirable attributes may necessitate a lower price to attract buyers.

Market Positioning: How a product is positioned in the market is based mainly on its attributes. They help in targeting the right audience and creating marketing strategies that resonate with potential buyers.

Value Proposition: Attributes are central to a product’s value proposition—the promise of value to be delivered. They are the tangible and intangible benefits that convince customers to choose one product over another.

Integral Role of Product Management and Product Manager

Building upon the significance of product attributes for customers, it's the role of product management to ensure that the conceptual vision for these attributes is brought to life effectively. Product management is the strategic business function tasked with planning, forecasting, producing, and marketing a product at all stages of the product lifecycle. It's about translating customer needs and market opportunities into products that deliver satisfaction and drive business growth.

Must check: Online Product Management Courses

The product manager is the linchpin in this process, advocating for the customer's needs while balancing the business's objectives. They lead the charge in identifying which product attributes will most resonate with the target market—innovation in design, excellence in quality, or breakthrough functionality. The product manager collaborates with cross-functional teams, including designers, engineers, and marketers, to develop and refine these attributes. They must have a finger on the market's pulse to anticipate trends, gauge competition, and pivot product strategies accordingly.

Explore: Skills Required by Product Manager

Conclusion

A product is far more than an item on a shelf; it's a carefully designed solution characterised by its attributes, whether tangible or intangible. These attributes shape consumer perception and decision-making, defining the product's market placement. From everyday conveniences to exclusive specialities, the diversity of products reflects the myriad needs and desires they fulfil.