What is a Product?

My definition of a product is anything that a business produces and receives payment for. Some products are tangible which means we can hold or touch them. In general these products have a shelf life. At some point we will use them up or wear them out. One great example is a computer or cell phone. Other products are intangible. This group includes professional services and other intangibles like telephone service or digital music.

Some products are an interesting hybrid of tangible and intangible. Music can be delivered in a physical as well as virtual format. The same would be true for books. A restaurant meal has a combination of the physical (the food you eat) and the intangible (the ambiance, the cooking style). Whether your product is tangible, intangible, or a hybrid, it is what you ultimately charge people for.

A good product is one that people need. A very good product is one that people both need and want. What makes a very good product a great product is that you – the seller - loves selling it. A glimpse at any of the great products of our time will reveal a love and passion for that product by the person who brought them to the marketplace.

- barney