| No | Term | Definition |
| 1. | Product | Product can be defined as anything that delivers value to satisfy a need or want and includes physical merchandize, services, events, people, places, organizations, information, even ideas |
| 2. | Essential benefit | This represents the fundamental benefit that one will derive from buying a particular product |
| 3. | Core | Core product is the main element that a product contains, usually carrying the meaning of tangible elements. |
| 4. | Product Mix | This is a combination of all the products offered by a company. The product mix of a company depends on its size, financial capital and managerial abilities. |
| 5. | Banding | Brand is the major enduring asset of a company. A renowned branded company cares more about their brand names than their physical assets. |