A product or service includes a physical good or an immaterial service that is developed and provided to realise customer needs.
Products can include both physical goods and digital products such as software or e-books. An example of a physical product would be a smartphone that enables customers to communicate on the move. An example of a service would be an insurance policy that provides customers with financial protection in the event of a claim.
Effective marketing is used to present, advertise and position the product or service to the target groups in order to increase demand and generate long-term success for the company. This includes product packaging and product or service presentation as well as a wide range of online and offline marketing measures, such as online advertising, print adverts, TV and radio spots or personal sales talks.