Why product is important for global context?

Product is an important element of the marketing mix. A product is anything that satisfies a need or want of customers. A product is the heart of an organization. This give and take makes an organization living. The product is the benefit or satisfaction. Products can be tangible and intangibles. Product is an important element of the marketing mix. If a buyer consider to be significantly different from competitive products in some relevant characteristics, then it is indeed as new product. It determines the quality of evaluation. 

According to Philip Kotler, “A product is anything that can be offered to a market to satisfy a want or need.”