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Summary MNM2608 Product Management - SU1-4
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Product Management summaries up to Study Unit 4 only!
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Misleading header. Only contains study unit 2 and part of 4. SU 1 and 3 are missing. Not worth the money.
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Voorbeeld van de inhoud
MNM2608Product Management
SU 1-4
By: Bumble Bee
“Stinging one module at a time”
, Product management – study unit 2
The meaning of a product
Definition –a tangible article, a service, an idea or, more often, a combination of these that, through the
exchange process satisfies consumer or business customer needs.
Marketing viewpoint - key element of this definition is ‘satisfies consumer or business needs’. That is
products provide benefits. Marketers should focus on the benefits that products supply to customers.
Customers viewpoint - key element is their ‘needs and wants’ customers purchase the benefits of a
product and not the product itself. (Think ability to drill holes when buying a drill)
Layers of the product concept
A product includes everything that a customer receives in an exchange. We can distinguish 5 distinct
layers of the product:
Core product
first layer of the product is
Represents the heart of the product, the main reason for its existence and purchase.
It is the essential benefit or need satisfaction that the customer expects to obtain from the
product.
Marketers do not product and sell products, they sell product benefits!
, Products provide a number of different benefits with varying degrees of importance.
Sometimes marketers add services to a tangible product to customise benefits.
The tangible product
The second layer of the product is the physical object or service offered to the customers.
Includes not only the commodity or service but also unique features of the product, such as the
appearance or styling, the package and the brand name.
(Think of various cars; big boot space, big engines, etc) two important components of the
tangible product are its brand name and its packaging.
The augmented product
The third layer of is the augmented product – that is, the tangible product plus additional
customer services and benefits.
These features can include a warranty, credit, delivery, installation, and product repair and
maintenance service after the sale and customer instruction on use of the product.
These features affect the satisfaction and benefits the buyer gets from the exchange.
Going that extra mile for customers by offering an augmented product is typically an effective
way for a company to stand out from the crowd.
They add value.
The potential product
Has been recognised as a significant component of the product concept.
Can be defined in terms of its possible evolution, for example new ways of differentiating itself
from the competition.
Reflects high levels of added value and is so different that it is better protected against
competition and substitutes.
Potential simply reflects what might be done with the product in the future.
Product differentiation occurs when a company attempts to distinguish its products physically or
psychologically from other basically identical competing products.
This can be achieved by way of shape, colour, dimensions, quality, packaging, brand name,
image, status, or other need-satisfying attributes.
This will create a differential advantage. A differential advantage is thus the ability to deliver
superior value to the market for a protracted period of time.
The product image
the last layer encompasses all the previous layers and refers to how the product is perceived by
the customer. In other words, it is the total product concept
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