What is a PRODUCT?
Product is anything that can be offered to a market for attention, acquisition, use of consumption that may satisfy a need and want.
- 1.Core benefit – it is the most fundamental level of a product; the fundamental service or benefit that the customer is really buying.Example:Hotel – the night guest is buying “rest and sleep”Movies– customers is buying “entertainment”
- 2.Generic product –it is a basic version of the product.Example:Hotel – consists of rooms to rent , etc…
- 3.Expected product – set of attributes and conditions that buyers normally expect and agree to when they purchase the product.
Example:Hotel – guests expect a clean bed, soap and towel in the bathroom, telephone, a closet, etc..
- 4.Augmented product – one that includes additional services and benefits that distinguish the company’s offer from competitors offer.
Example: Hotel – television set, shampoo, fresh flowers, rapid check in, express check out, fine dining, room service, etc..)
- 5.Potential product – all the augmentations and transformations that this product may ultimately undergo in the future.
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