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.