A product is anything a person receives in an exchange. A product can be a tangible item, a service, an idea, some other abstract good, or a combination of all of these concepts. A product, therefore, includes its physical features, the seller’s reputation, the seller’s services, and the way the product is viewed by people.

Key Terms:
Product planning
Product mix
Product line
Product item
Product width
Product depth
Product modification
Product life cycle
Product positioning
Category management
Planograms


Objectives

*Describe the steps in product planning
*Explain how to develop, maintain, and improve a product