Activity one
Student name: Aishath Nuha Ibrahim
ID: 7736
1. Explain Product and service
Products are the goods and services produced by a company to fulfil the needs and wants of customers.
Products or service is sold to customers or a business. Business firms and customers buy the product to
fulfill their needs and wants. A product can be defined as anything that can offer to a market for attention,
purchase, use or ingesting that could satisfy a need or want.
Above definition also include what is service. The different between product and service. Services are a
special form of product which consists of activities, benefits or satisfactions offered for sale that are
intangible and do not result in the ownership of anything.
2. Explain Consumer Product and Business Product.
Consumer products, also referred to as final goods, are products that are bought by individuals or
households for personal use. In other words, consumer products are goods that are bought for
consumption by the average consumer. Consumer products are products purchased for personal, family,
or household use.
Business products are products and services that companies purchase to produce their own products or to
operate their business. Unlike consumer products, business products are classified on the basis of their
use rather than customer buying habits.
3. Explain The Product Components.
The product components are the goods, services, ideas, experiences, people, and place. These are the
components that help to make up a product. Like the product considerations and the product layers,
identifying and analyzing the product components is an important part of a product audit, a marketing
audit, and the business planning process. In this chapter, we explore each product component in greater
detail; the product components should be considered with the product considerations and product layers
in mind.
4. What is branding?
“A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service
as distinct from those of other sellers” (American Marketing Association). Branding, by definition, is a
marketing practice in which a company creates a name, symbol or design that is easily identifiable as
belonging to the company. This helps to identify a product and distinguish it from other products and
services. Branding is important because not only is it what makes a memorable impression on consumers
but it allows your customers and clients to know what to expect from your company. It is a way of
distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better
choice. Your brand is built to be a true representation of who you are as a business, and how you wish to
be perceived.
