Product

Product Overview

Definition

• Anything offered to a market to satisfy a want or need (Kotler, 1991)

• A good, service, or idea with tangible and intangible attributes exchanged for value (Zikmund and D'Amico, 1996)

Importance in Pharmaceuticals

• Each product must compete effectively in its therapeutic category.

• Must carry clearly defined and superior product and economic components compared to competitors.

Components of Product Value (CA)

• Core Values:

  • Essential attributes satisfying basic needs.

• Augmented Values:

  • Additional features or services enhancing perceived value.