**1. Introduction**

Let us begin this chapter with a brief overview of the marketing process in order to have a clear understanding of marketing and its relationship with product development and management. By and large, marketing practice is built upon the following process:


**3.** Developing the marketing mix program that consists of taking decision on product, price, place (distribution), and promotion.

**1.2. Product features**

*1.2.1. Tangible features*

*1.2.2. Intangible attributes*

*1.2.3. Association features*

*1.2.4. Exchange value*

if he gets the chance.

*1.2.5. Customer satisfaction*

we derive psychological satisfaction.

organization is selling experiences or feelings.

Tantalizers, etc., which depict positive brand associations.

To understand the concept of a product well, it is pertinent to consider the issue of product features. These features help to give a vivid description of a product and what a buyer is

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A tangible product has some physical features that can be seen and handled, such as shape, size, color, weight, etc. It can be touched and its physical presence can be felt. It is made up of materials like plastic, metals, iron, or wood. Products like perfumes, jewelries, and wrist

The core aspect of the product such as its performance, quality, dependability, and reliability are often built in the product or service and therefore intangible. These key attributes cannot be seen, but rather can be felt and experienced after using the product or patronizing the service. Some after-sales services, augmented services, and such pure services like tourism, story-telling, consultancy services, and counseling services fall in this category. Here, the

Product may have associated attributes to facilitate its identification and acceptance by buyers. Such attributes may be a brand name, package, warranty, credit terms, delivery terms, or payment options. For example, in Nigeria we have brands like Joy, Lux, Royal Foam, Engen,

For marketing purposes, every product, whether tangible or intangible, should have an exchange value and should be capable of being exchanged between buyer and seller, based on mutually agreed considerations. This exchange is a function of product value and the asking price. If the buyer feels that the value he is receiving from the product is equal or even higher than the money he is giving out, he feels satisfied and contented. Otherwise, he feels cheated and shortchanged and will most likely not buy it again and may even de-market the product

The product should be able to satisfy consumer needs. Satisfaction can be both real and psychological. For example, when we eat food, wear clothes, or take medicines; we get a real satisfaction; whereas, when we buy insurance plan, services of travel agency, or beauty salon,

really buying in a given product. The important features of product are:

watches are sold in very attractive packages with esthetic appeals.


The above process is what is usually referred to as the marketing management process which adopts the marketing concept philosophy. This is built on the notion of finding out the needs and wants of the customers before developing the products to satisfy the identified needs and wants. This goes to show that products are developed to solve any identified customers' problems and not the other way round.
