What is the product?

The product is a good or service that satisfies the needs of the customer and is a means of communication between the company and the latter.

The product is one of the variables of the marketing mix.

We can say that the product is the core of a business, if there is no product, there is no sale.

But for the success of the business, the offer is also important, which must always meet the needs of consumers.

To keep the product alive in the market we can:

• Evaluate the results of the product on the market: through quantitative research.
• Assess how much the product manages to satisfy consumer needs: through psychological research.

The product is created, competes and communicates in a market through a brand, a name, a symbol, a color.

Depending on the need they aim to satisfy, products are classified into:

• Industrial goods: when they are used for the production of consumer goods which in turn, can be grouped according to different criteria:
  • Price
  • Target
• Duration of use: durable goods, when they are used many times and purchased infrequently.
• Consumer purchase: fast-moving consumer goods, when the consumer buys them frequently.
• Functional products: when goods are purchased for their functional aspects:
  • prestige products
  • mature products
  • status products

How to create a product?

Behind the creation of a product there is hard work by the company and its employees.

We can accomplish it in different phases:

• Think of ideas: try to make a list of all the things that interest you, every activity or item that intrigues you. Create an extensive list and draft some sketches.
• Choose an idea: among all the ideas and drafts you have compiled, choose the one that you think could be successful in the company.
• Research your ideas: When you are sure about your idea and have made all the necessary modifications, do some research to ensure it is truly unique. If a product like yours has already been invented, you won't be able to produce it.
• List all the things you will need to create your item: write down all the possible parts and materials for your product and always keep a record of your research, which shows that you have not found any similar product on the market.
• Create an informal representation of your product: a precise representation of your invention may be required in order to patent it.
• Patent the product: obtain a legal title that gives an exclusive right to exploit the invention, which prevents others from producing, selling or using the invention without authorization.
• Create a prototype: After submitting your application, it is the right time to create a working model of your invention.
• Create a presentation: prepare a presentation that describes your invention to promote your product.
• Present your product to a manufacturer: Find a manufacturer specialized in products similar to yours and ask them to produce your invention for you.
• Produce your own product.
• Promote your product: once you have everything you need, it's time to promote your product for sales!