Product component of the marketing mix involves planning, developing and producing the right type of products and services to be marketed by the firm. It deals with the product range, durability and other qualities. Apart from producing the right product, emphasis should also be laid on its proper branding, packaging, color, and other product features. Followings are the elements of product mix :
(1) Product range : Product range is a group of products that are related either because they satisfy similar needs of different market segments, or because they satisfy different but related needs of a given market segment.
(2) Brand : Brand is a name of mark or design or same combination of these, used to identify the products of one seller (individual or firm) and to differentiate them from competitor’s product. In other words a brand means a mark made on commodities to indicate its quality and manufacturer. To brand a product –means to stamp a product with some identifying mark or name.
(3) Package : A package is a wrapper or container in which a product is enclosed, encased or sealed. Packaging protects the product during storage and transportation. It reduces the risks of spoilage, breakage, leakage, etc. Packaging enables the manufacturer to provide useful information to the customers. A good package acts as a silent salesman in self-service stores such as Super Bazaars.
(4) Service : A service is any act or performance that one party can offer to another. It is essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to physical product.
