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In marketing terms we see the product as a package of attributes which, together, constitute a uniquely relevant set of benefits to the customer. It is not the "stainless steel" characteristic of a piece of equipment which the customer is interested in but the fact that it will not rust and therefore will not require replacing a short period. It applies to three areas viz (1) Product life cycle (example: monitoring the progress of a product), (2) Product Portfolio Planning ( example: product ranges such s the BCG matrix). (3) Innovation (example: generation of new products in the long term to survive and brands are introduced via packaging and testers globally are asked for their comments after using it.
