It is very important for any company to understand what exactly it produces and how to offer it to customers. Therefore, it is important what the product consists of and how consumers can perceive it.
Product - a product that was created for sale and purchase, in the first place for the marketer is the consumer value of the product In other words, marketers look at what consumer values a product can satisfy. The item has:
- Cost is what it cost the company to make or acquire.
- Cost is what the company values it at.
- Customer value is how consumers evaluate it.
The role of a product is what needs the product satisfies, what value it represents to the consumer. Modern marketing proposes to sell not the product itself, but the solution of any consumer's problems, and the product must satisfy some need - but at the same time do it with the maximum benefit for the consumer, then the product will be successful. So, the value of lipstick may not be in the lipstick itself, but in feeling truly beautiful, and a sneaker - in a wonderful figure that they will give.
When choosing a product, the ratio of price and quality is very important, but, on the other hand, even a high-quality product can be promoted on the market with varying degrees of success.
Thus, a product that lives on the market can have several levels of value.
· The first, or core of the product, is how the product was originally conceived. Such a product may cover any need. This is its original purpose. The core of the product must necessarily satisfy some basic need. For example, water quenches thirst - that's why people buy it.
· The second is a product in real performance. This level implies not only satisfaction of any client's need, but also other characteristics. It can be design, advantages, in comparison with other goods (higher quality), its properties. For example, a characteristic of this level of a product may be its packaging. Water can be sold in bottles with a screw cap - or in bottles with a valve that is convenient for athletes.
· The third level is the reinforcement that the product may have: installation, warranty conditions, delivery and installation, the possibility of replacement. In other words, reinforcement is anything that makes life easier for the consumer who chooses this product, a solution that the manufacturing company has to offer.
Marketers, promoting a product, can sell a basic service, or they can position the product in a different way. This is clearly seen in the advertising of cars: we are not being sold a vehicle, but a dream that we have.
It is worth noting that the basic need can be met in a variety of ways. So, in order to satisfy our thirst, we can buy a bottle of water - or we can buy juice or lemonade. These are all substitute goods. They can always be like this (juice, like water, always replaces thirst), or they can be so in a certain situation. For example, tea is not a substitute for a Christmas tree toy, but having bought tea in a festive New Year's packaging in the form of a ball, you can give it instead of a Christmas tree toy. Another example is red roses and heart-shaped stuffed toys. They are completely different, but they both give on a date.
There are also complimentary products. These are the products that complement our product and can increase the purchase amount. So, for red roses, you can offer a special package, in a cup of coffee - a croissant, and for a bag of coffee in a store - a small package of cream. A person who buys disposable plates and balloons for themed birthday can complement the set with the same napkins. These are all examples of complimentary goods.
A deeper understanding of what a product is and how to best promote it will help your company become more successful.
