Product, Level of Product

Generally PRODUCT means things or physical goods. But its meaning in marketing is massive. In the side of marketing product means goods or services that can satisfy the wants of the consumer. In this context invisible goods may be a product. Such as services of bankers or doctors etc.
According to Philip Kotler, Product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, events, persons, places, organization, ideas or mixes of these entities.
From the above discussion we can play our opinion that product is tangible or intangible things that can satisfy the want or need of the consumer.
• Level of Product
To prepare and offer a product, marketer needs to consider five levels of a product. These levels are as follows:
1. Core product or benefit
2. Expected product
3. Expected product
4. Augmented product
5. Potential product
These are summarized in below:
1. Core product or benefit: It is the primary levels to the developement of a product. It is a prime and central part of a product. It is the internal qualities of a product that satisfy the main warmt of a customer. By the answer of what product consumer is buying and what benefit he will get, it is expressed the core product or benefit. It is the main objective for purchasing a product, such as a hotel guest is buying "rest and sleep". The purchases of a drill is buying holes.
2. Expected product: At the second level the marketer has to turn the core benefit into a basic product. Thus a hotel room includes a bed, bathroom, towels, desk, dresser and closer.
3. Expected product: At the third level, the marketer prepares an expected product. It is a set of attributes and conditions that buyers normally expect when they purchase this product. Suppose Hotel guest expect a clean bed, fresh towels, working lamps and as relative degree of quiet.
4. Augmented product that exceeds customer expectations. A hotel can inatted a remote control television set, fresh floors, rapid check in, express checkout and fine dining and room service.
5. Potential product: At the fifth level stands the potential product which encompassess all the possible augmentations and transformations the product might go in the future. Here is where companies search for new ways to satisfy customers and distinguish their offers.