What is a Product? Discuss with an example. How are products classified? Explain the basis of classification with suitable examples. 

(b) Discuss the nature and scope of Product Management with a company you are associated or familiar with.

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Product Management: Understanding Products and their Classification

1. What is a Product? Discuss with an example:

A product is a tangible or intangible offering that satisfies the needs, wants, or desires of a consumer. It can be a physical object, a service, or a combination of both. Products are designed to solve a particular problem or fulfill a specific need, and they play a crucial role in the market economy. An excellent example of a product is the iPhone, a flagship smartphone developed by Apple Inc.

The iPhone is a physical product that combines hardware and software to provide a wide range of functionalities, including calling, messaging, internet browsing, photography, and more. It caters to the communication and entertainment needs of consumers, showcasing the evolution of technology and innovation.

2. How are products classified? Explain the basis of classification with suitable examples:

Products are classified based on various criteria, considering their nature, target audience, and other distinguishing features. The classification of products helps businesses strategize their marketing, distribution, and pricing. Here are common bases for classifying products:

a. Tangibility:
   - Physical Products (Goods): These are tangible items that consumers can touch, feel, and own. Examples include smartphones, cars, and clothing.
   - Intangible Products (Services): These are non-physical offerings that provide a specific value. Examples include banking services, consulting, and software as a service (SaaS).

b. Durability and Tangibility:
   - Durable Goods: These have a longer lifespan and ___________ ____ ________ _____ ________ ________ __ _________ __________ _____ __ _________.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master in Business Administration
Course Code : MBA
Subject Name : Product Management
Subject Code : MS 63
Year : 2022