A product which can be a physical object or a service should be functional and emotional to satisfy the customer’s need and be delivered as the way customer demanded.
In a growing economy, the range of available products tends to expand and the products themselves evolve as consumers typically seek to purchase the most updated and competitive version of a product they can find. In this kind of economic climate, ongoing product development is essential to a company’s long-term success.
In modern industrialized societies essentially all goods and services require ongoing product development. Consumer demands and the pressure of competition compel a business continually to reconsider the appropriateness of a product’s price, the effectiveness of the advertising and distribution system, and other factors.