A product is one of the most important elements of the marketing system because it represents the offering made by a firm to satisfy the needs and wants of consumers. In marketing, a product is not limited to a physical object that can be touched or possessed. It may be a good, service, idea, experience, place, person, organisation, or a combination of these, offered to a market for attention, acquisition, use, or consumption. The concept of a product has therefore evolved from a narrow physical perspective to a broader customer-oriented perspective. The traditional product concept focuses mainly on the physical characteristics and functional benefits of a product. Under this approach, a product is viewed as an object produced by a manufacturer and sold to consumers. However, modern marketing considers a product as a bundle of benefits and satisfactions. Consumers do not purchase a product merely because of its physical characteristics; they purchase the benefits, value, utility, convenience, status, satisfaction, and experience associated with it. For example, a consumer buying a smartphone is not simply purchasing a device. The consumer is purchasing communication facilities, entertainment, information access, social connectivity, convenience, and sometimes prestige. The product concept can be understood through different levels of a product. The first is the core benefit, which represents the fundamental need or problem that the consumer wants to satisfy. For example, a hotel provides the core benefit of accommodation and rest. The second level is the actual product, which includes tangible features such as quality, design, brand name, packaging, style, and physical characteristics. In