What is a Convenience Product? A convenience product is a product that consumers frequently purchase, is inexpensive, and with little effort and time. Consumers require convenience products on a regular basis and they usually have prior knowledge about the products as such they think less while picking the products. Examples of convenience products include foods, … Read more
Kotler’s Five Levels of Product Marketing gurus Philip Kotler and Kevin Lane Keller published the five levels of the product model in the book called “Marketing Management” in 2003. Commonly known as Kotler’s product levels. Let’s understand each of the levels of the product in detail with relevant examples. Core Benefit The core benefit is … Read more
What is an Augmented Product? An augmented product is the addition of additional features to the actual product to provide extra value to consumers. It is also called extended product or product augmentation. These additional features can be provided in the form of discounts, free delivery, warranties, refunds, and so on. The main objective of … Read more
What is an Actual Product? An actual product is a physical or tangible product that is ready to use. It is the product consumers can hold in their hands when they purchase. Through actual products, consumers get the core benefits of the product. For example, if you seek actual benefits from a product in writing, … Read more
The product we buy is an actual product as well as an augmented product but these products are made up of a core product. Whenever a consumer buys a product he buys an either actual or augmented product. So, where the core product stays? Let’s find out what it is, why it is important, and … Read more