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A Kahnesky
Analyst, Denmark
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PRODUCT
What is a Product really? It is anything that a firm offers to satisfy the needs or wants of the market. This could include physical goods, services, person, place, information, experiences, etc.
Customers judge the product/service offering based on the quality, features, and price, and then choose a product based on the perceived value.
PRODUCT DIFFERENTIATION
Product differentiation plays a key role in strategically positioning the firm's product/service differently vis-à-vis the competitors's products, and helps in transitioning the product from the customer's consideration set to the choice set (actual purchase).
KOTLER'S 5 PRODUCT LEVELS MODEL
Philip Kotler developed this model, which proposed that any product may have up to 5 product layers (in the form of concentric circles) based on the amount of differentiation provided – Core, Basic (or Generic), Expected, Augmented and Potential Product.
CORE NEED LEVEL: This level fulfills the very basic need of the cu (...) Read more? Sign up for free
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Simon Raistrick
Business Consultant, New Zealand
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Defining 'Basic Product Needs' is Hard!
I spent 10 years working on an international stand (...)
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Jaap de Jonge
Editor, Netherlands
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Defining Product Needs and Levels
@Simon Raistrick: Thanks for sharing and agreed; i (...)
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A Kahnesky
Analyst, Denmark
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Kotler's 5 Product Levels Model in Changing Market Dynamics
@Simon Raistrick thanks for reaction to the post. (...)
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Maurice Hogarth
Consultant, United Kingdom
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A Model of Fitness
@Simon Raistrick: Agreed. Didn't the people wantin (...)
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Leigh Cowan