Definition: a Product 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.
Kotler distinguished up to 5 levels or layers in most products based on the amount of differentiation provided:
- Core (very basic need)
- Basic (minimum functionality)
- Expected (the minimum required for purchasing)
- Augmented (additional features for differentiation from competing products)
- Potential (all potential future augmentations).
More on product management: B2B Products, Perceptual Mapping, Planned Obsolescence, Positioning, Product Development, more...
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