Product | Importance of a product

Product means

"Any item or service offered for sale to fulfill a customer's need or desire."

Importance of a product

a) Key to market success: Product is an important element for attaining success in the market. If business is able to deliver products in accordance with customer requirements, their product will widely be accepted. It will attract more customers and will provide growth opportunities for the business.

b) Building Brand Identity: Products shape how consumers perceive a brand, enhancing reputation and trust.

c) Revenue Generation:Products make money for your business. When people buy your products, they pay you money, which you can use to grow your business even more.

d) Creating Value for Customers: Products make customers happy. When your products solve a problem or make someone's life better, it creates value for them, and they're more likely to buy from you again.

e) Supporting Marketing and Sales Efforts: Products help with selling and advertising. When you have products that people like, it's easier to convince them to buy them, and it makes your marketing and sales efforts more effective.