Product

The product (or service) is the centerpiece of the marketing mix. Whether it's a life insurance policy, a washing machine, or a broadband Internet service, the product is the company's offer to customers. That offer includes physical aspects as well as the less tangible elements, such as warranties, option choices, and after-sales service. Thus, the product is the entire package you offer to customers.
You can differentiate products physically or through the services your company provides in support of the product. Products' physical distinctions include the following:
• Form. Size, shape, physical structure
• Features.
• Performance quality. The level at which the product's primary characteristics function
• Conformance quality. The degree to which all the units of the product perform equally
• Durability. The product's expected operating life under natural or stressful conditions
• Reliability. The probability that the product won't malfunction or fail
• Repairability. The ease with which the product can be fixed if it malfunctions
• Style. The product's look and feel
• Design. The way all the foregoing qualities work together (it's easy to use, looks nice, and lasts a long time)

You can also differentiate your product by service distinctions that set it apart. Service distinctions include the following:
• Ordering ease. How easy it is for customers to buy the product
• Delivery. How quickly and accurately the product is delivered
• Installation. How well the work is done to make the product usable in its intended location
• Customer training. Whether your company offers to train customers in using the product
• Customer consulting. Whether your company offers advice or research services to buyer.
• Maintenance and repair. How well your company helps customers keep the product in good working order.

The actual design of the product or service should be guided by a deep understanding of what customers need, want, and are willing to pay for, as determined by market understanding and research.