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  • 1. Amity Business School Marketing & Sales Programme, IInd Semester Product & Brand Management Varsha Khattri
  • 2. What is a Product? A PRODUCT is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.
  • 3.
    • Includes:
      • Physical Objects
      • Services
      • Events
      • Persons
      • Places
      • Organizations
      • Ideas
      • Combinations of the above
  • 4. What is a Service?
    • A SERVICE is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.
  • 5.
    • Examples include:
      • Banking
      • Hotels
      • Tax preparation
      • Home repair services
  • 6. PRODUCT LEVELS Core Benefit Augmented Potential Expected Basic
  • 7. Product Levels
    • Core Benefit
    • Basic Product
    • Expected Product
    Fundamental service or benefit that the customer is really buying Containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features A set of attributes & conditions buyers normally expect when they purchase the product
  • 8. Exceeds customer expectations
    • Augmented Product
    • Potential Product
    Encompasses all possible augmentations & transformations the product might undergo in future
  • 9. Product Hierarchy Need Family Product Family Product Class Product Line Product Type Brand Item
  • 10. 7 Levels of Product Hierarchy
    • Product Need — to satisfy a need
    • Product Family — all the product classes that can satisfy a core need with reasonable effectiveness
    • Product Class — a family of products having similar function
    • Product Line — a group of products with closely related functions, are sold to the same customer groups, are marketed through the same channels, or fall within given price ranges
  • 11.
    • Product Type — products within a line having similar form
    • Brand — a name representing a product or line
    • Item (Stock Keeping Unit or Product Variant) — a unit within a brand or product line distinguishable by size, price, appearance or some other attribute