Components of a Product (Marketing)
What Components make up a Product?
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What makes up a Product?
In marketing, a product is any item or service sold to customers or clients. For this purpose, it is important to understand the components that make up a product. These generally include:
- The Core Item or Service
- Accessories to the Core Item
- Elements of Branding
All these together will make up or define what a product really is.
Core Item or Service
The first element or component to a product is the core item or service. If you sell a physical good that physical item that's the core product. If you provide a service, the basic service is whatever that might be - whether it's changing oil or cutting grass or bookkeeping that's the core product.
There are other things that come with a physical product, which are called accessories. For example, when we buy a cell phone, typically we get a charger. That's a key accessory and that also brings value. It is something that consumers pay for, so that's another component or aspect of our product.
Products also need to be packaged in some way. Packaging is really important for a handful of reasons. It's also something for which we pay. So that's again part of the product.
Next we have branding, which is a really important component to a lot of products. This is what sets a product apart in a lot of cases. Branding it also makes a difference in price. So that's another aspect or component of the product.
Lastly, when we buy a product, a lot of times we expect to get a warranty. That is another source of value and, therefore, another component of our product.