Product Definition

Posted in Marketing and Strategy Terms, Total Reads: 1012

Definition: Product Definition

A product definition is a maker’s (or company’s view of a product).

This includes, among others, the following:

o Product Concept: It is basically the view that a good product does not require a lot of marketing and promotion. In other words, “the product is so good, it sells itself!”

o Product features: The distinctive characteristics of a product that sets it apart from others in a similar category. Product features are generally the physical attributes that provides benefits to the consumer. For example, a bottle-opener often has a spiral appendage (product feature), the benefit of which is that it helps in uncorking the bottle.

o Target Market: The segment towards which the product is targeted

o Price: At what rate does the company want to sell the product so that it gets its share of profit

o Positioning strategy: A marketing strategy that helps make a brand occupy a distinct position in the minds of the consumer

Thus a product definition or description covers these aspects of the product.



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