In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same.ĭescription: A product needs to be relevant: the users must have an immediate use for it. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Every product is made at a cost and each is sold at a price. It can be physical or in virtual or cyber form. Definition: A product is the item offered for sale.
