A product refers to goods or services produced by a person or organization through applying ingredients like time, skills, effort and technology for a customer base. Products satisfy customer needs and wants, and provide utility, warranty and after-sales support. Successful products offer quality, functionality, durability, aesthetics, safety, cost-effectiveness and address latent customer demands better than competitors. Organizations develop new products through extensive R&D, market research, prototyping and testing before launching. Products form an organization’s revenue engine and competitive differentiator in the market. Their life cycle involves introduction, growth, maturity and decline phases.
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