All the different characteristics and details of a products/services are taken into consideration when marketing strategies are discussed. This can include physical properties like shape and size, as well as abstract characteristics such as production cost, method of use, etc.
A product is a thing or service that a business provides to its clients. A product should, in theory, satisfy an existing consumer need. Alternatively, a product may be so attractive that buyers think they need it, resulting in a new demand. Marketers must understand a product’s life cycle in order to be effective, and business leaders must have a strategy for dealing with goods at all stages of their life cycle.
The sort of product also influences how much a company may charge. Where to place it. And how to promote it in the marketplace. Many of the most popular products were the first in their respective categories. Apple, for example, was the first company to develop a touchscreen smartphone capable of playing music, browsing the Internet, and making phone calls. Apple ceased disclosing iPhone sales data to the public in November 2018. However, total iPhone sales exceeded two billion dollars by the end of that year. Same year in November, the company announced that it had sold one billionth iOS devices in total. And in the beginning of the following year Apple stated that they were on their way to selling their two billionth iOS smartphone. The story of the company is one of the most significant ones when it comes to marketing products correctly.
