What is defined as a good service or idea, which may involve developing new or modifying existing offerings?

The term "product" encompasses a good, service, or idea that is offered to consumers in the market. When discussing a product, it's important to recognize that it can be a physical item (like a smartphone), a service (such as haircuts), or even an intangible idea (like a brand promise). This definition aligns with the concept of developing new offerings or modifying existing ones to meet customer needs or to take advantage of new market opportunities. By focusing on the product, companies aim to create value for consumers, which is essential for successful marketing strategies.