Product and Social Product – BMS Notes

A product is the item offered for sale. A product can be a service or an item. It can be either in real or digital form. Each product has a manufacturing cost and a selling price. The market, quality, marketing, and targeted group all affect the price that may be paid. Every product has a functional life, a life cycle that requires replacement, and a need for re-invention after that. In the language of fast-moving consumer goods, a brand may be updated, relaunched, or expanded to better suit the market and times, often maintaining a nearly unchanged product.

• A product must be useful to people right away; it must be relevant. A product must be able to perform its intended purpose with a high level of quality.
• A product must be explained to consumers and prospective customers. They must understand why they should use it, the advantages it offers, and how it will improve their life. “Brand building” and advertising work best for this.
• A product requires a name that appeals to and is memorable to consumers. A brand is created when a product has a name. It distinguishes it from the jumble of names and goods.
• A product should be flexible enough to adjust to changing market trends, time frames, and product segmentation in order to stay relevant and sustain its income stream.
• Social Good
• A social product is anything like clean air, clean water, healthcare, and literacy that helps the greatest number of people in the greatest manner. Social products, often referred to as “common products,” have their roots in the philosophy of Ancient Greece and are seen to have a good effect on people or society at large. It also serves as the foundation for philanthropic or charitable endeavours.
• According to the definition of business based on capitalism, businesses exist only to maximise returns for their shareholders. This has often not occurred in tandem with efforts to serve the common good, including advocating for clean water and air or financial freedom for all residents. Corporate business models may grow to incorporate more work to promote social product in their daily strategies and operations as a result of corporations placing a greater emphasis on corporate sustainability initiatives and social responsibility in recognition of a de facto social contract with the public.
• Corporations and Social Products
• One example of labour that benefits the social product is the choice made by the richest person in the world, Bill Gates, the creator of Microsoft, to dedicate a significant portion of his fortune to finding solutions to some of the most difficult challenges facing humanity. In underdeveloped nations, the Bill and Melinda Gates Foundation funds initiatives aimed at preventing and treating illnesses including HIV, malaria, neglected tropical diseases, and others.
• Companies eager to project a picture of themselves as socially responsible and aware have developed initiatives to showcase their contributions to social products. A corporation may develop a sense of purpose and enthusiasm by working towards improving the social product, in addition to the good emotions these initiatives elicit. Because workers who are committed to the purpose of their organisation are more likely to put more effort and enthusiasm into their job, this may aid in productivity, creativity, and growth. Developing ties with the community is another benefit of working for a social product. A business may believe that by aiding a community or group of individuals, sales would result from their efforts.
• A company’s brand, identity, and loyalty may all be developed and maintained with the support of corporate investment in the social product. One example of a product that does this is the Newman’s Own line, which states unequivocally on the label that “all proceeds go charity.” Among these charities are those that support religious concerns, the environment, and conservation.
• Social Media and Social Products
• Social product is becoming more closely associated with social media, since its definition has broadened to include a shared action or emotion. Because social media platforms are an effective means of educating the public and raising money for initiatives that promote social products, they are increasingly being included in social products. It also implies that anybody may promote social products—not only governments, businesses, or nonprofit organisations.
• The common product is “appropriate to, and attainable only by, the community, but individually shared by its members,” according to Aristotle.
• An illustration of a social product
• Oil firms have faced increasing criticism for their part in atmospheric pollution as climate change gains traction. To improve their perception of themselves in the world, they have established distinct divisions. For instance, in 2018 Total, the largest petroleum major in France, invested 4.3 percent of its budget on renewable energy technology. By 2030, the largest energy firm in Norway, Equinor, intends to allocate 15–20 percent of its budget to renewable energy. A distinct division has been established by British Petroleum to finance projects related to renewable energy.
• The term “social product” has become popular in recent years to describe corporate efforts that promote environmentally and socially responsible business practises in an effort to strengthen corporate social responsibility.
• By giving workers a feeling of purpose and commitment in their job, corporations may win over the trust and loyalty of their workforce.

Social media is become a crucial instrument for promoting social products