An Adequate Understanding of the Concept of Product with Respectto its Underlying Notions

Abstract

Is the current understanding of the concept of product with respect to its nature adequate enough to produce the right kind of products? One of the reasons out of several reasons for the lack of survival or growth of several products in the market is because of how the nature of product is understood. The conventional understanding of the nature of the product lacks substance to be able to provide manufactures to think and build an optimum level (and variety) of products for the consumers. The casual use of the term product in normal routine life has increased so much that the essence of the concept and the seriousness required to produce and continue the right kind of attributes has been lost. Despite sufficient research on the product and its aspects, there has been lack of attention to the underlying nature of the product. The study goes back to the idea of the product as a concentrated entity based on certain dimensions pertaining to the reality and knowledge structure of the reality of the nature of product that can help provide a clear direction in how the product should be approached. The study will examine the essence of product and will derive a contemporary understanding of the product nature with theoretical and applied implications for understanding and managing products with respect to right kind of attributes for the consumers.