Product 101

Product 101

Product 101 Jonathan Poland

A product is an item that is offered for sale. It can be a tangible good, such as a car or a book, or an intangible service, such as a haircut or a consulting service. A product can also be a combination of goods and services, such as a vacation package that includes transportation, lodging, and activities. A product is an essential part of a company’s offering, and it is typically developed and marketed to meet the needs and wants of a specific group of customers. Products can be classified in various ways, such as by type, function, or target market, and companies often have a wide range of products in their product mix. The development and management of a company’s products is an important part of its overall business strategy.

There are many different types of products, and they can be classified in various ways. Here are a few examples of common product classifications:

  • By type: Products can be classified based on their physical characteristics, such as whether they are tangible goods or intangible services. Tangible goods are physical products that can be touched, seen, and owned, such as cars, books, and toys. Intangible services are activities or benefits that are provided to customers, such as education, healthcare, and entertainment.
  • By function: Products can also be classified based on the function they serve or the problem they solve. For example, products can be classified as basic (e.g., food, clothing), convenience (e.g., pre-packaged meals, online shopping), or specialty (e.g., designer clothing, high-end electronics).
  • By target market: Products can also be classified based on the specific group of customers they are designed for. For example, products can be classified as consumer goods (e.g., food, clothing), business-to-business (B2B) goods (e.g., office supplies, industrial machinery), or government goods (e.g., military equipment, highway construction materials).

These are just a few examples of how products can be classified. There are many other ways to classify products, and different companies and industries may use different classification systems. Ultimately, the type of product and the way it is classified will depend on the specific context and the needs of the company and its customers.

Learn More
Program Efficiency Jonathan Poland

Program Efficiency

Program efficiency refers to the effectiveness with which a computer program uses resources such as time and memory. In general,…

Decision Framing Jonathan Poland

Decision Framing

Decision framing refers to the way in which a choice or dilemma is presented or structured. This includes the language…

Brand Switching Jonathan Poland

Brand Switching

Brand switching refers to the act of a customer switching from a brand that they were previously loyal to, to…

Media Infrastructure Jonathan Poland

Media Infrastructure

Media infrastructure refers to the technologies, services, facilities, and outlets that are essential for the communication of information, opinions, and…

Project Communication Jonathan Poland

Project Communication

Project communication is the exchange of information and messages that occurs during the planning, execution, and evaluation phases of a…

Onboarding Jonathan Poland


Onboarding is the process of introducing a new employee to an organization and providing them with the necessary tools, resources,…

Business Functions Jonathan Poland

Business Functions

Business functions are the activities that are essential to the operation and success of a business. These functions are typically…

Risk Capacity Jonathan Poland

Risk Capacity

Risk capacity is the maximum level of risk that an organization or individual is able to withstand in order to…

Narrative 101 Jonathan Poland

Narrative 101

Sales and marketing are the lifeblood of business and should be integrated into one function to drive business and brand narrative.

Content Database

Search over 1,000 posts on topics across
business, finance, and capital markets.

Pull Strategy Jonathan Poland

Pull Strategy

A pull strategy is a marketing approach in which a company creates demand for its product or service by promoting…

Sticky Prices Jonathan Poland

Sticky Prices

Sticky prices are a common phenomenon in many markets, and they can have a significant impact on the overall economy.…

Volatility Risk Jonathan Poland

Volatility Risk

Volatility risk is the possibility that changes in the volatility of a risk factor will lead to losses. Volatility is…

Customer Needs Jonathan Poland

Customer Needs

Customer needs are the factors that make a product or service valuable to a customer. These needs can be functional,…

Employee Engagement Jonathan Poland

Employee Engagement

Employee engagement is a measure of how motivated, committed, and involved an employee is in their work. Research has shown…

Decision Costs Jonathan Poland

Decision Costs

Decision costs refer to the costs associated with making a decision. These costs can take many forms, including the time…

Risk Probability Jonathan Poland

Risk Probability

Risk probability refers to the likelihood that a particular risk will occur. It is an important element of risk analysis,…

Continuous Improvement Jonathan Poland

Continuous Improvement

Continuous improvement is a systematic approach to improving products, services, and processes over time. It involves a cycle of planning,…

SWOT Analysis 101 Jonathan Poland

SWOT Analysis 101

SWOT analysis is a tool that is used to evaluate the strengths, weaknesses, opportunities, and threats of a business or…