252 Copyright Goodheart-Willcox Co., Inc. What Is Product? A product is anything that can be bought and sold. It is also one of the four Ps of marketing—product, price, place, and promotion. The product can be goods, service, or an idea. Goods are tangible. They physically exist and can be touched. A service or an idea is intangible. It is not physical and cannot be touched. Products are grouped by those sold mainly to consumers and those sold mainly to businesses. Some goods and services are used by both groups. A product mix is all of the goods and services that a business sells. Usually the product mix involves goods and services that relate to each other in some way. Small businesses may only sell a limited number of goods, while large corporations can offer thousands of different goods. For example, the product mix for a local stationery store may include invitations, specialty paper, greeting cards, and pens. Some businesses offer only one type of goods or service, such as carpet cleaning. SECTION 10.1 Product Objectives After completing this section, you will be able to: • Define product as it applies to the four Ps of marketing. • Describe common elements of product. • Describe potential product strategies that may be used by an entrepreneur. Key Terms product mix product line features warranty guarantee packaging product planning product positioning brand branding logo tagline prototype product life cycle Critical Thinking Deciding the appropriate sizes, materials, and potential environmental issues for your products’ packaging requires time and money. Based on the products your business may offer, which factors will most influence the packaging you select? If you are providing a service, think about creative ways to package your marketing materials. What is a product? What is a pro