Product

   

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...



   

MBA Brief offers accurate and concise definitions of MBA concepts, frameworks, methods and models.

We love to keep things really short, but provide links to learn more about your subject and to similar concepts.





© 2022 MBA Brief - Last updated: 2-7-2022  -  Privacy   |   Terms