Name: Argie G. Catambacan (3-164)
(2) Discussing the Concept Questions:
1. Define product and the three levels of product.
– A product is more than physical. A product is anything that can be offered to
a market for attention, acquisition, or use, or something that can satisfy a need
or want. Therefore, a product can be a physical good, a service, a retail store,
a person, an organization, a place or even an idea.
– The three levels of product are the Core Customer Value, the Actual Product
and the Augmented Product. Core customer value means that when
designing products, marketers must first identify the core customer value that
consumers seek from the product. Next, is the actual product. Here, product
planners need to develop product and service features, design, a quality level,
a brand name, and packaging. Lastly, product planners must build an
augmented product around the core benefit and actual product by offering
additional consumer services and benefits.
2. Compare and contrast industrial products and consumer products.