**1.1. Definition of Product**

Product is one of the four elements of the marketing mix; the other three being price, place and promotion, which are all geared towards serving and satisfying the target market. Companies fix the product's price, promote and distribute it to the target market. Therefore, a product is the basic element of marketing mix. The word "Product" has several meanings, but it is generally a bundle of satisfaction that customers purchase or patronize in order to solve a problem. In our day-to-day life, we use many goods, such as soap, biro, book, ball, etc.; as well as services like banking transport, healthcare, or legal services. The term product has been defined differently by various authors and authorities in the field. For example, Harry [1] defines a product as the sum of the physical and psychological satisfactions the buyer receives when he makes a purchase. It is thus a tangible and/or intangible attribute that is offered to the market for sales. Other definitions of a product include:


Thus, from the above definitions, a product can be described as anything that is capable of providing solution to a customer's perceived problem whether it is physical or psychological. Therefore, any product that fails to provide the needed solution to a customer is a not a good product. To this end, when a student buys a biro to write test but it fails to write smoothly, it is not a good product; or when you pay for a healthcare service but get poor service in return. So, to a consumer, the product is anything, which satisfies his needs and wants while to a marketer, the product is a bundle of attributes that can bring returns through satisfaction of customers. It is also pertinent to note that in marketing, the concept of a product covers goods, services, ideas, people, places, and organizations except otherwise specified.
