Product is an actual item or service that provides value to its consumer and can be sold in the market. It consists of various elements like price, name, features, attributes, quality, design and more that determine its value to potential buyers.
Total Product: The initial stage of any product’s design focuses on core benefits. These are the tangible advantages consumers get from using a product and why they choose to purchase it in the first place. For instance, light bulbs provide brightness – this is its core benefit.
Tangible/Physical Products: Tangible products refer to tangible items with physical space, specific dimensions and weight. Examples include cars, clothes, electronics and other goods sold for money.
Extended/Augmented Product: This is the next level of a product, featuring more features on its physical entity than just what can be seen with traditional goods. It may include images, services or other elements tailored specifically for target customers.
Typically, augmenting a product is the most economical way to distinguish it from its rivals in the market. Furthermore, it enables marketers to tailor the core benefits of their offering specifically towards their target audience.
Problems in the Market: It is essential to comprehend the difficulties experienced by your target market. If your product does not address an urgent need, then it will likely not be successful in selling.
Delays In Implementing Changes: Gathering feedback from users and adapting the product accordingly can take some time, but this should be done as quickly as possible.
Wrong Assumptions About Customers: Companies often make assumptions about customer behavior without consulting actual users. Regular feedback from users can help correct these misconceptions and make the product more user-friendly.