Generally, a product is referred to as a tangible asset which has physical attributes. For example, we regard a motorbike or a laptop as a product. However, in marketing a product relates not just to physical or tangible attributes but also to certain intangible attributes. That is, a consumers’ decision to purchase a product is based not just on its tangible attributes but also on certain other intangible attributes. In other words, a consumer purchases a product not just for its functional utility but for other factors as well such as brand name, reputation, social satisfaction, etc. For example, when a person purchases a laptop, along with the physical attributes and functional utility regarding the model, size, features, etc. he also looks for intangible attributes such as guarantee, brand, etc. Hence, product is a mixture of tangible and intangible attributes.
