marketing64

A product is a physical good, service, idea, person, or place that is capable of offering tangible and intangible attributes that individuals or organisations regard as so necessary, worthwhile or satisfying that they are prepared to exchange money, patronage or some other unit of value to acquire it.                                               (Blythe, 2007)

THE ANATOMY OF A PRODUCT MODEL

Core products are the core function or benefit that is being sought by the consumer by buying the product

Actual products are all the tangible features/benefits that are associated with the core product such as its features or design, level of quality, packaging, size 

Augmented products are the intangible features/benefits associated with the core & actual product such as branding, warrantees, delivery, guarantees, and after sales service. Augmented products can be thought of as the psychological benefits that enhance the value of the core & actual products in the mind of the consumer

Marketers use both (i) actual and (ii) augmented products to differentiate their product offering from those of their competitors

Consumer User-Based Classification of Products

-    Convenience products are consumer products and services that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.
-    Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.
-    Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
-    Unsought products are consumer products that the consumer either does not know about or knows about but does not normally think of buying.