• Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US

Business Study Notes

B.Com, M.Com. BBA & MBA Exam Study Online

  • Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US
Home » Product and Product Core concepts and the Types of Products?

Product and Product Core concepts and the Types of Products?

By Richard Daniels Reading Time: 3 mins
Updated November 18, 2016

Product core concepts is actually a basic idea behind the development of any product is known as product core concepts. Before talking about product core concepts, lets define the product. Product is defined as anything that has a capability to satisfy a need or want and is offered to a market. It is not limited to physical object. In fact product includes satisfactions or bundles of benefits that customers perceive they will get if they buy the particular product. It is cumulative of all physical, symbolic, psychological & service attributes.

Goods are similar to products. In accounting perspective, goods are those tangible objects that are present in the marketplace. It distinguishes goods from the non-material product named as service. Those marketers use the term “goods” who try to concise the given product details. It is clear in economic & accounting models. When the aim is to analyze the particular marketing offering detail & richness the term “product” is used by the marketers & other professionals.

Service is also an important component of the product which is intangible in nature. Based upon the history, every individual receives different experience of using the service. For example the amusement parks provide rides (product), adoption of credit cards (service), and participation of audience at the dolphin show (experience). No two individuals value the dolphin show similar because each one of them bears different experience from the same show.

Levels of Products or Product Core Concepts

Any product or service contains three aspects which are as follow. We may also that there are three product levels or the product core concepts . You must be well familiar with all of them.

  1. Core Benefits

It includes the following

  • In-use benefits
  • Psychological benefits (e.g. hope, status, self image enhancement, self worth etc)
  • Problem reduction benefits (e.g. convenience, safety)
  1. Tangible Products or Services

It includes the following

  • Quality
  • Styling
  • Product features & attributes
  • Brand name
  • Packaging protection & label information
  1. Augmented Products or Services:

It includes the following

  • Delivery
  • Installation
  • Credit availability
  • Warranty
  • After sale service & maintenance

Types of Products and Services

There are many different Types of Products. Some of them are described below.

01- Consumer products that are utilize by the end users

02- Industrial products that are utilize in the manufacturing of other goods

03- Impulse products that are purchased on the basis of immediate sensory cues

04- Convenience products that are purchased with minimal effort and frequently. These products are mostly regarded as FMCG (Fast Moving Consumer Goods)

05- Shopping Goods which are purchased so that some kind of comparison can be made with other products

06- Emergency products are that goods that are required on emergency basis

07- Unsought Products are that products that are not much search by the purchaser like insurance, cemetery plots etc

08- Specialty products are those that require lengthy search of information so that extensive comparisons can be made with other products

09- Durable products are those that are used for longer period and for many occasions. These products are further sub divided into white products

10- Perishable Products are those which quickly deteriorate even in case of without use

11- Brown products that include goods like cookers, refrigerators, electrical, furniture etc

12- Non durable or Consumable products are those that can only be used in single occasion

13- Capital Products include equipments, installations and buildings

14- Supplies & Service products are those which facilitate the production process

15- Parts & Material products that are converted into finished products

16- Commodities products that include undifferentiated goods like gold, wheat and sugar etc

Author at Business Study Notes
Richard DanielsAuthor at Business Study Notes

Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
Love my efforts? Don't forget to share this blog.

Related Posts:

  • Communication Strategies Definition | Types of Communication…
    Communication Strategies Definition | Types of Communication Strategies
  • What is the Process of Motivation? Explain in detail
    What is the Process of Motivation? Explain in detail
  • Warehousing Definition, Advantages, Functions, Roles and…
    Warehousing Definition, Advantages, Functions, Roles and Types in Detail
  • Define Marketing Environment. What is Micro and Macro…
    Define Marketing Environment. What is Micro and Macro Environments?
  • 21 – Lesson of Innovation to Learn and Generation of…
    21 – Lesson of Innovation to Learn and Generation of Business Ideas

Filed Under: Marketing, Marketing Management Tagged With: core concepts definition, Levels of Products, types of products and services

Related Posts

System-Views-of-Management-image

System Views of Management

System Views System views of management associates with the Management division of the organization and it assumes that all of the organizations are … [Read More...]

Leadership Theories

Situational Leadership Theories

Situational Leadership Theories Situational model of leadership is a factor that emphasizes the behavior of the leaders regarding different situations. … [Read More...]

Behavioral Leadership Model

Behavioral Leadership Model

Leadership  Leadership is the most critical and complex responsibility across any organization. It is because the leadership requires to be realistic, … [Read More...]

career development process in hrm

Career Development Process

Career Development Process Today's career development process has become a threat for students, especially a question that may stun many students who have … [Read More...]

Strategic leadership

Strategic Leadership Model

Strategic Leadership Model The strategic leadership model is basically the study of the leadership style. It describes the ways of modernizing an … [Read More...]

Types of Managerial Decision Making

Types of Managerial Decision Making

Managerial Decision Making Decision Making is an art of selection of one feasible alternative decision from many. Therefore types of managerial decision … [Read More...]

Quantitative-management-approach

Quantitative Management Approach

Quantitative Management Approach The quantitative management approach is used to enhance decision making power by using quantitative tools. As well as … [Read More...]

Effective-business-messages-image

Effective Business Messages

Effective Business Messages The process through which business messages are effectively prepared that have the potential to create desired results from … [Read More...]

Search the Site

ADVERTISEMENT

Business Study Notes

Business Study Notes is all about business studies or business education. Visit us to find here free business notes of all the subjects of B.com, M.com, BBA & MBA online.

Disclaimer

All the images and videos present on the Business Study Notes are not owned by us, if you found anything under copyrights, please Contact Us, we will remove it ASAP.

Categories

© Copyright 2023 Business Study Notes. All rights reserved. Privacy Policy, Sitemap.  
DMCA
PROTECTED