A product is defined as any good or service that serves to satisfy the needs and wants of customers. Product management involves developing new products (with added value and USP), identifying their life cycle and making decisions to continue or discontinue declining products. Larger firms need to consider their product range using a product portfolio analysis (BCG matrix) to determine which product(s) should receive funding from the marketing budget. Finally, branding is a significant component of the product, and marketers need to recognize the importance of brand awareness and brand loyalty to attract customers and build brand value.