Product :- It is a bundle of tangible & intangible benefits offered by the marketer to the customer to satisfy needs & wants.
or
It is a solution provided by the marketer to solve the problems faced by the customers.
or
anything that can be offered by the marketer to satisfy,the needs/wants of the customer.
---COMPONENTS OF PRODUCT
- PACKAGING
- BRAND NAME
- VARIETY
- QUALITY
- SIZES
- SERVICES
- DESIGN
LEVELS OF THE PRODUCT
ALSO KNOWN AS Kotler's Onion Model
C
> Core benefit :- the core product is the BENEFIT of the product that makes it valuable to you. So with the car example, the benefit is convenience i.e. the ease at which you can go where you like, when you want to. Another core benefit is speed since you can travel around relatively quickly.
> Basic/actual product :- The ACTUAL product is the tangible, physical product. You can get some use out of it. Again with the car, it is the vehicle that you test drive, buy and then collect. You can touch it. The actual product is what the average person would think of under the generic banner of product.
> Expected product :- it is what a customer expects from a product. for eg a hotel room should be neat clean , light fragrance.
> Augmented product :- Something which is additional to basic product ,the addition that can be done to that product. for eg: power window .
> Potential product :- features which does not exist, can come in future. for eg alternative fuel car , voice command ,gps navigation.
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