What do you mean by a product? Why new product is important? What are the benefits of product knowledge? How can you improve your product knowledge? A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. Product has a major role in determining overall success of marketing efforts. A marketer tries to produce and sell such products that satisfy needs and wants of the target market. Who buys a product? The person who pays and purchases a product is called a consumer. What are the advantages of new product development? Developing new products provides a means to target new markets, increase market share, sell more and increase revenue streams. Why are products needed? The first and foremost important reason for any new products is to offer new value to the customer, right? Let’s get to know more about the significance of product with the help of a presentation, shall we?

Ananthu Sibi

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