When joe's manufacturing company successfully differentiates its product, then from the perspective of consumers the product may be different, but price remains the key factor in purchase decisions.
What is Product?
Anything you offer to fulfil a customer's need or desire is a product. They could be real or imaginary. A physical product can be either durable (such as vehicles, furniture, or computers) or nondurable (like food and beverages). Offerings of services or experiences constitute virtual products (such as education, software, and streaming services).
Having both physical and virtual components, a product might also be a hybrid (like a kitchen appliance with its own mobile app). In order to better reach and service customers, traditionally analogue products are incorporating digital technology, which has led to an increase in the prevalence of hybrid products.
We can better grasp various product types by using these categories. But they are not inflexible laws. Software, for instance, can be categorised as both a product.
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