Lead 10 Marketing Tactics to Plan for in I reached out to a few key influencers in marketing to learn more about what they're preparing for in the new year and here's what they had to say.
After reading you will understand the basics of this powerful product marketing tool.
In this article you can also download a free Five Product Levels template. What is a product? A product meets the needs of a consumer and in addition to a tangible value this product also has an abstract value. For this reason Philip Kotler states that there are five product levels that can be identified and developed.
In order to shape this abstract value, Philip Kotler uses five product levels in which a product is Dove promotianal mix or seen from the perception of the consumer.
These 5 Product Levels indicate the value that consumers attach to a product. The customer will only be satisfied when the specified value is identical or higher than the expected value.
Five Product Levels 1. Core Product This is the basic product and the focus is Dove promotianal mix the purpose for which the product is intended. For example, a warm coat will protect you from the cold and the rain. The more important benefits the product provides, the more that customers need the product.
A key element is the uniqueness of the core product. This will benefit the product positioning within a market and effect the possible competition. Generic Product This represents all the qualities of the product.
For a warm coat this is about fit, material, rain repellent ability, high-quality fasteners, etc. Expected Product This is about all aspects the consumer expects to get when they purchase a product. That coat should be really warm and protect from the weather and the wind and be comfortable when riding a bicycle.
Augmented Product The Augmented Product refers to all additional factors which sets the product apart from that of the competition. And this particularly involves brand identity and image. Is that warm coat in style, its colour trendy and made by a well-known fashion brand?
But also factors like service, warranty and good value for money play a major role in this. The goal is to deliver something that is beyond an expected product. Potential Product This is about augmentations and transformations that the product may undergo in the future. For example, a warm coat that is made of a fabric that is as thin as paper and therefore light as a feather that allows rain to automatically slide down.
Competition The competition between businesses focuses mainly on the distinctiveness of the Augmented Product according to Philip Kotler. It is about the perception a consumer experiences when purchasing a product and it is not so much about value.
Under the guise of stagnation means decline, innovative companies such as Philips and Volkswagen focus on the latter category. Added value of the Five Product Levels Each level of the five product levels adds value for the customer.
The more efforts production companies make at all levels, the more likely they are to stand a chance to be distinctive. This makes it increasingly difficult for a consumer to define the distinctiveness of a product.
To be able to tower over the competition, production companies focus on factors which consumers attach extra value to such as extreme packaging, surprising advertisements, customer-oriented service and affordable payment terms.
This is not just about satisfying the customers and exceeding their expectations but also about surprising them. This template is available for free as an editable Word file or as a printable PDF. What is the influence of social media on these product levels? Share your experience and knowledge in the comments box below.
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