Define the word "product" as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful. Cite your examples.
A product is an items, invention or service that fulfills a need for society. It is a something that adds value to society through it production. From the business perspective, meeting the needs of society ultimately helps to provide profit to the overall business franchise. Here, a company is occupying a niche that is not being satisfied by other competitors or operators within the market. As it relates to real world examples, products can vary from company to company. For one, products can vary. A product typically is an item that satisfies and existing need or desire. In many instances, a product can be something that is not necessarily known the client. For example, the Apple iPhone was a product that was not initially desired by society. However, it was created to create a need that was unknown at the time. This ultimately created the most valuable company in the world.
Other products are very similar in nature in that they serve a niche market that is not well understood. Medical trash removal, billboards, and 18-Wheeler truck manufacturers all cater to a unique and niche market. In each instance they provide a product that is needed by society and serves a critical function to it. An example of a product that has been unsuccessful include the Motorola Phones, Nokia phones and Blackberry phones. Each has undergone a unique transition that has ultimately resulted in a bankruptcy or restricting of some sort (Aryana, 2012).
References
1. Aryana, B. and Boks, C., 2012. New Product Development and consumer culture: a review.International Journal of Product Development, 16(1), p.45.
