Explain the concept of a Product with examples in 300 words. Distinguish between different levels of products with examples in 300 words.
Understand the Problem
The question is asking for an explanation of the concept of a product, along with examples, and it also requests a distinction between different levels of products with additional examples. This indicates a need for a comprehensive understanding of marketing and product levels.
Answer
A product is a bundle of attributes like features and benefits, tangible or intangible. Product levels include core, basic, expected, augmented, and potential, each fulfilling various customer needs.
Concept of a Product with Examples:
A product refers to a tangible or intangible good, service, or idea that can satisfy a customer's need or want. It is a bundle of attributes comprising features, functions, benefits, and uses received in exchange between buyer and seller (Reading: Defining Product).
Examples:
- Tangible Products: A smartphone that offers communication, internet access, and entertainment, representing several attributes such as design, battery life, and functionality.
- Intangible Products: Software services like Spotify, which provide music streaming without physical media.
Different Levels of Products with Examples:
- Core Product: The fundamental need or benefit the customer seeks. For a smartphone, this is communication.
- Basic Product: The physical good or service and its attributes. For a smartphone, this includes the handset itself with basic functions like calling and texting.
- Expected Product: The set of attributes and conditions buyers typically expect when purchasing a product. For smartphones, this includes a camera, touchscreen, and internet capability.
- Augmented Product: Additional features or services that distinguish the product from competitors. Smartphones might offer cloud storage options or exclusive apps.
- Potential Product: Future enhancements and changes the product may undergo. An example could be a smartphone with upcoming AI integration or foldable designs (Five Product Levels - Kotler and Keller).
Each level addresses different aspects of customer needs, from basic to complex, helping businesses to offer competitive and complete solutions in the market.
Answer for screen readers
Concept of a Product with Examples:
A product refers to a tangible or intangible good, service, or idea that can satisfy a customer's need or want. It is a bundle of attributes comprising features, functions, benefits, and uses received in exchange between buyer and seller (Reading: Defining Product).
Examples:
- Tangible Products: A smartphone that offers communication, internet access, and entertainment, representing several attributes such as design, battery life, and functionality.
- Intangible Products: Software services like Spotify, which provide music streaming without physical media.
Different Levels of Products with Examples:
- Core Product: The fundamental need or benefit the customer seeks. For a smartphone, this is communication.
- Basic Product: The physical good or service and its attributes. For a smartphone, this includes the handset itself with basic functions like calling and texting.
- Expected Product: The set of attributes and conditions buyers typically expect when purchasing a product. For smartphones, this includes a camera, touchscreen, and internet capability.
- Augmented Product: Additional features or services that distinguish the product from competitors. Smartphones might offer cloud storage options or exclusive apps.
- Potential Product: Future enhancements and changes the product may undergo. An example could be a smartphone with upcoming AI integration or foldable designs (Five Product Levels - Kotler and Keller).
Each level addresses different aspects of customer needs, from basic to complex, helping businesses to offer competitive and complete solutions in the market.
More Information
Understanding the different levels of a product helps businesses tailor their offerings to better meet customer needs and differentiate from competition.
Tips
A common mistake is not recognizing the 'core product', which is the fundamental benefit or service that the customer is actually seeking.
Sources
- Five Product Levels - Kotler and Keller - GeeksforGeeks - geeksforgeeks.org
- Reading: Defining Product | Principles of Marketing - courses.lumenlearning.com
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