Product, Market and Market Relations

1.

Presentation about:
Product, Market and
Market Relations

2.

Product is everything that one receives in an exchange,
including all tangible and intangible attributes and
expected benefits.

3.

In marketing, a product is anything that is
offered to a market that customers can use,
interact with or consume, to satisfy a want or
need. It is one of the four Ps of the marketing
mix.

4.

A good is a real, physical, tangible thing that is
produced and consumed. On the hand, a service is an
intangible attribute that involves selling help and
advice, or delivering goods for customers.

5.

Products can be grouped into two general
categories: consumer and industrial. Products
purchased to satisfy personal and family needs
are consumer products. Those bought for use in
firm’s operations or to make other products are
industrial products.

6.

A market may be defined as a place where buyers and sellers
meet, goods or services are offered for sale, and transfers of
ownership occur.
There are two distinct markets: product markets and factor
markets.

7.

Factor market is any place where factors of production (
e.g., land, labour, capital ) are bought and sold.
Product market is any where finished goods and
services ( products ) are bought and sold.

8.

The market, therefore, is simply a place of medium
where buyer and seller get together; which market they
are in depends on what they are buying or selling.