How do we contrast a brand and a product? A product is anything we can offer to a market for
attention, acquisition, use, or consumption that might satisfy a need or want.
Thus, a product may be a physical good like a cereal, tennis racquet, or automobile; or a service such as an airline, bank, or insurance company.
A product could also be a retail outlet like a department store, specialty store, or supermarket; a person such as a political figure, social media celebrity, entertainer, or professional athlete; an organization like a nonprofit, trade organization, or arts group; or a place including a city, state, or country; or even an idea like a political or social cause.
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LEVELS OF PRODUCT
We can define five levels of meaning for a product:
1. The core benefit level is the fundamental need or want that consumers satisfy by consuming
the product or service.
2. The generic product level is a basic version of the product containing only those attributes
or characteristics absolutely necessary for its functioning but with no distinguishing features.
This is essentially a stripped-down, no-frills version of the product that adequately performs
the product function.
3. The expected product level is a set of attributes or characteristics that buyers normally expect
and agree to when they purchase a product.
4. The augmented product level includes additional product attributes, benefits, or related services
that distinguish the product from competitors.
5. The potential product level includes all the augmentations and transformations that a product
might ultimately undergo in the future.
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