Introduction
The term ‘Product’ can be defined as something that is offered to a market for use or consumption that meet the demands of the consumer’s needs. Products include more than just tangible items such as mobile phones, televisions, cars or clothing. Products can be defined as services, events or places. So for example, a Volkswagen Golf is a product as is your appointment with a dentist or doctor. In ‘Marketing: An Introduction by Kotler and Armstrong, they say that a product has 3 levels the core benefit, the actual product and the augmented product.
Core Benefit
The essential level of a product is the core product. It refers to how the customer wants to be satisfied with the product. The core level solves the problem of
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It is the actual product which has the specific function to meet the core benefit of people. The actual product is the tangible, physical product that the buyer gets usage of or the service it receives. This product level contains the quality, fashion, branding, style and colour areas of a product or a service. The style and design of the product can attract current customers to upgrade their product and also attract new customers. Features, packaging and quality of product or service can help gain the competitive advantages in the market. Packaging is very important in attracting customers as its needs to stand out from its competitors as been the best. Packaging as suggested by Kotler and Armstrong, it may be the sellers best and may be their last chance to persuade the buyer that their product is best. (1) The Brand is a definition, a term, or a mark, or a collaboration of them all, to identify the manufacturer or the seller of the exact product or service. Buyers see a brand as an important part of a product and branding can add value to a purchase. Customers can become loyal to a brand and regardless of image or price will always stick with the brand.
Product quality and features are a major marketing tool for a product. The quality of the features or performance is key in terms of satisfying the customer. A customer must get the quality it expects and pays for.
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Non-physical attributes of an augmented product may include a product guarantee, service or installation, and may put an increase the cost of the core product being purchased, and allow the company selling the goods to provide the consumer with other services that may make using the product easier or more feasible.
In a way to separate themselves from the competition, companies selling cars will augment the car with financial options, warranties, roadside assistance and other add-ons in order to make their products stand out. Long term warranties from companies will show they believe in the quality of their product. A businesses success in selling an augmented product is reliant on consumer perception of the value the extras carry, which makes marketing the product very important.
Volkswagen offers the Golf buyer a form of flexible finance options and also guarantee a guaranteed future value of the car. Which they say offer the chance to change car regularly and keep customers with the brand. Another augmented product a car company offers is a warranty, which gives added reassurance and confidence in the brand. VW Golf offers a 3-year warranty with any new car which shows the confidence and reassurance that they have in their actual
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
For this week’s assignment, I read the different comments published by Bloomberg Businessweek under the title “What Drives Consumers not to Buy GM Cars”. The comments imply that consumers demand reliability, durability, low fuel consumption, and functionality in the cars that they buy. American cars are big, strong, and stylish. However, these cars don’t meet the demands of consumers because they are designed to look elegant and not have the necessary features for the consumers.
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
Product is/are the products or services you offer and are they unique and different, superior in quality and easier to use. In my own opinion, the product or service is one the most important aspects of a successful business. If you have an item that the customer really wants they will drive out of their way to purchase it. They are usually willing to pay a higher price if the quality justifies it. When a local popular hamburger place open up in Phoenix, people drove long distances and sat in long lines just to bite into one of their juicy hamburgers.
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
Pricing. Our product is priced lower than our competitors in our industry. Even though our competitors have a different kind of product compared to us.
First we will discuss product. Within marketing terms, the product can be defined as a good or service that is provided for consumption or use by a customer. An easy example of a service product is hotel customer service. Another example of a product service can be the omnipresent use of cell phones, pertaining to their service providers. Product goods are easy to define, with footwear manufactured by Nike, or soft drinks such as Coca Cola.
Brand; - brand is known as uniqueness in term of what products or service the company provides. Brand is also set of insight or image that represents seller. Brand defines symbol, name, term or feature of company’s service or goods. Example of popular brand is apple, Amazon and Samsung.
One of the very first things a buyer should consider when looking for a car is what kind of car he/she wants. Many different factors can affect the car buying process. For one, the buyer must consider how big of a vehicle he/she wants and safety features like airbags, seatbelts, and working brakes. Itemizing a list of accessories can also help narrow down what kind of car to buy. While some people might prefer a Sedan with a large back seat and seat warmers, others may prefer an extreme luxury car with full stereo systems and miniature televisions. Every person has different tastes in accessories; luckily, there is a vehicle that can fit almost every personality. Most new models have the latest technology installed, although some of the “newer” used cars have the option of adding in those accessories. Once the...
Today's modern concept of branding grew out of the consumer packaged goods industry and the process of branding has come to include much more than just creating a way to identify a product or company. Branding is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol.
products they want. The goal is to not only provide consumers with what they know they
A brand identifies a seller’s product from a competitor’s product. There are three main purposes for branding product identification, which is the most important purpose, repeat sales, and new-product sales. Branding has a lot of terms that marketers use there is brand equity, global brand, and brand loyalty. Marketers also have different brand strategies that they use for different products or customers. It all depends on the consumer for them to decide which strategy they will use. The different strategies are generic products, manufacturer’s brands, private brands, individual brands, family brands, and co-branding. The branding purposes and the branding strategy make up the importance of branding.
Product is the core of marketing, which including tangible goods like food or drinks or intangible services, as it is the major way to embody customers requirements; and, branding is directly associated with it. In fact, branding is all about decisio ns of products, like brand names or trademarks. Stork (2007) asserted that a brand is a unique business identity which represents the personality, quality or origin of products. And, such a product which added value by branding would appear in every activity of marketing, namely, branding is actually react on the whole marketing system directly and indirectly.
How to Position the Product in Relation to Other Products – Where to sell/to whom do you sell? The Right Marketing Mix – Is the product right? , Is it sold in the right market? right places? , At the right price?, Is the product promoted in the right places?
Every company seeks to create its own brand - a unique and effective image. Purpose of brand is attracting and retaining customers in its market share. Branding in marketing is a complex technology, aimed at making advantageous position a brand from the competition. Facilitating the search for the necessary goods to the buyer, branding in marketing becomes more effective if the consumer product features meet market requirements. It is especially necessary to identify the goods, for a case of unprepared buyer which can not assess the competitive characteristics (for example, high-tech products). The development of technology has had a huge impact on human society. It is reflected in the fact that we are surrounded by complex technical devices that we use every day and sometimes we have no idea of how this thing is located within. Here the brand comes to help the consumer that stands out from all those product characteristics that are important to the consumer and facilitates the understanding of the product.