What Makes a Good Product? As with all aspects of business, the Product must satisfy customers. Customers judge products by their total experience, and all aspects of a company’s production process play a role. For example, a new automobile may contain hundreds of computer chips, but most customers will never notice them. This technology is valuable to the automobile manufacturer and the technician who maintains the car. A good product is only one part of the story, but a good product can bring long-term loyalty.
In business, a product can be a physical good, service, or idea. A product is any good, service, or idea that meets a customer’s need or wants. Products contain a bundle of tangible and intangible characteristics. They include physical objects, services, people, and organizations. And in business, they often involve multiple types of products and services. Here’s a look at the definition of a Product. Its basic definition is:
A Product comes in all shapes and sizes, quantities, and qualities, and it serves a specific purpose. Generally, a product can be returned if it doesn’t meet a consumer’s needs. However, a service, on the other hand, is intangible and does not lead to ownership. Moreover, a service does not have a monetary value, but it can have tangible elements. If a service is good, the customer will not feel compelled to return it.