PRODUCT MANAGEMENT
PRODUCT MANAGEMENT:
Product: Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
Levels of Product: Product planners need to think about products and services on 3 levels.
Core Product
Actual Product and
Augmented product.
Core Product:
The most basic level in the core product which address the question what is the buyer really buying as shown in the above figure the core product ends at the centre of the total product. It consist of the core problems following benefits that consumer seeks when they buy a product or service. Ex. A woman buy lipstick buys more than lip colors.
Actual Products:
The product planners must next build an actual product around the core product. Actual product consists of 5 characteristics i.e. quality, Features, Designs, Branding and Packaging.
Ex: A sony TV is an actual Product. It name, parts, styling, features, packaging & other attributes are combined, carefully to deliver core benefit.
Augmented Product: Finally the planner must built an Augmented product around the core & actual product by offering additional consumer service benefits.
Ex: After sale: service, warranty, delivery and credit.
Source: Books & Notes
Tags: Actual Produc, Augmented product, Consumer, Consumer Behaviour, Core Product, finance, Financial management, Human Resource, Management, Marketing, Marketing Management, MBA Career, MBA Finance, MBA HR, MBA Marketing, MBA Notes, MBA Projects, Organisation Behaviour, organisational Behaviour, PRODUCT MANAGEMENT
By: Management Duniya
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