6.1 Introduction
Of the four Ps of the marketing mix ¾ product, price, promotion and place (distribution) ¾ the product is the dominant element because if you do not have the right product all other marketing efforts are in vain. New or revitalised products are crucial to the long-term viability of a firm. Think of a well known firm that has closed down and you will find that it was probably because its products did not keep up with customer requirements.
Some texts have defined product quite dryly as a set of tangible and intangible attributes. It could be defined more broadly as anything offered to the market for its purchase and use. A product could be, for instance, a physical object such as a computer (a Macintosh), or it could be a place, such as a tourist destination ( Whitsunday Islands ). A product could be an organisation, such as a charity (Salvation Army), or an idea (quit smoking campaigns), or a service (undertaking studies at AMC). It helps, therefore, to think of a product as a bundle of benefits to various customers rather than as a physical entity.
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