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Product refers to the good or service that a company is selling usually designed to fulfill a customer’s demand. The product P is one of the four Ps of marketing described in the marketing mix. A good product has a clearly defined value proposition. The value proposition is what the product offers the customer to make them feel like they are getting more than they pay for. To create a strong value proposition, the company must understand the customer wants, needs, and desires. They must create features with corresponding benefits that provide a solution to the customer’s problem.
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Marketing Management Fundamentals