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.
- 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)
- Tangible Products or Services
It includes the following
- Quality
- Styling
- Product features & attributes
- Brand name
- Packaging protection & label information
- 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
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.
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