It is an offering which a company can offer to satisfy the various needs of the consumer.
Levels of a product
There are many levels at which a product exists on the basis of which they must be distinguished.These dimensions are:
1)Core product - How do we identify the product? What is the utility of it?
It is the fundament dimension of a product as it represents a bundle of benefits to its prospective buyer.For instance , a washing machine is being bought for comfort in washing clothes.
2)Basic product - Components , ingredients, materials .
It is the larger packaging of the core product . The basic product is what the target market as the offer.
3)Expected product - some intangible expectation.
It is what the customer expects from the basic product in terms from the basic product in terms of features, style ,efficiency. For example, whirlpool, LG.
4)Augmented product - Something extra firms are selling.Example, after sales service,warranty, guarantee which is auxiliary to the product. It is a broader conception of the product . It represents the totality of benefits that a person may receive or experience in getting a formal product. Example, warranty, service and maintenance.
5)Potential product - highest order that a product can reach, reaching its optimization, maximum capacity. This is the last level of the product which reflects its potential part. It refers to all the unexpected changes in terms of technology attributes , features ,styles etc. For example, semi- auto to fully automatic machine.