What is Product

Product :-

Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.

e.g. :- A sony CD Player, A Super cut Hair cut, a GMC truck and advise from an attorney are all products.

Broadly defined, products include physical objects, services, persons, places, organizations, ideas or mixes of these entities.

Level of Product :-

Product planners need to think about products and services on three levels.

01. Core Product :- It is most basic level, which addresses the question, what is the buyer really buying? It consists of the core, problem solving benefits that consumers seek when they buy a product or service.

Example:-A women buying lipstick buys more than lip color. Charles Revson of Revlon saw this early. “ In factory, we make cosmetics, in the store, we sell hope.”

02. Actual product :- The product planner must next built an actual product around the core product. Actual products may have as many as five characteristics (i) Quality level (ii) Features, design, a brand name, and packing e.g. any company product.

03. Augmented Product The product planner must built an augmented product around the core and actual products by offering additional consumers services and benefits.