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MARKETING MANAGEMENT - Concept Of A Product

From Generic To Potential Product - Concept Of A Product

   Posted On :  18.06.2018 02:33 am

At the time of product planning, the marketer has to think about FIVE types of benefits.

From Generic To Potential Product

Most of you would be aware that a product has a personality of several components-like the physical products, the brand name, the package, the label etc. all of us know that most of the products are undergoing a constant change and the marketing man has been constantly engaged in enriching his product offer. In his attempt to score over competition, he has been bringing about refinement on his basic product offer, but managing the product was becoming more and more difficult. Hence the product traveled various levels:
 
The Core Product
 
The Generic product
 
The branded Product
 
The Differentiated product
 
The customised product
 
The augmented product
 
The potential product

The Core benefits: 


What does the product mean to the customer? For example, a bread offers core benefit of reducing hunger.
 

The Generic product 


The generic product is the unbranded and undifferentiated commodity. Examples are: like rice, bread, flour or cloth.

The Branded Product 


The branded product gets an identity through a ’name’.
Modern bread, Harvest are branded products.

The differentiated product 


The differentiated product enjoys a distinction from other similar products/brands in the market. The differential claimed may be ‘real’, with a real distinction on ingredient, quality, utility, or service, or it may be ‘psychological’ brought about through subtle sales appeals.
 
Close-up tooth paste offers freshness and bold intimate social interactions among youth, whereas its rival Colgate offers prevention of tooth decay with freshness..
 

The customized product 


Customer specific requirements are taken into account while developing the product. Commonly practiced in the industrial product marketing, where the manufacturer and the user are in direct contact and the product gets customized to the requirements of the customer.

A ready made garment represents customization for a group of people; when you buy one, you ask for alterations to suit your shape and size. On the other hand, if you give cloth to the tailor for stitching, the garment is customized to you.
 

The augmented product


The augmented product is the result of voluntary improvements brought about by the manufacturer in order to enhance the value of the product, which are neither suggested by the customer nor expected by them. The marketer on his own augments the product, by adding an extra facility or an extra feature to the product.

Refrigerators are augmented with extra shelves, more shelf space, and double doors.
 

The potential product


The potential product is tomorrow’s product carrying with it all the improvements and finesse possible under the given technological, economic and competitive condition. There are no limits to the ‘potential product’. Only the technological and economic resources of the firm set the limit.

Robot-managed houses, artificial hearts, flying cars, space travel jets, etc., represent potential products. 
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