Kotler’s Five Product Levels By Brisbane’s Assignment Help Providers!by Keith Morris Content Writer
There are various topics and streams on which assignment help providers in Brisbane offer academic assistance. In this article, we are going to discuss one of the core topics of marketing - Kotler’s Five Product Levels. This model shows various levels of requirements consumers have for a specific product. Every customer has their own needs and level of satisfaction from a product. Hence businesses should customise products in such a way that it fulfils the needs and wants of every end-user. But for some businesses, this is not accomplishable, so they require a way of categorising products in a form aligned to buyers segments, as characterised by their wants and needs. These needs for a product arranged from core requirements to psychological needs. And by exceeding each product level, more consumer value is added to it.
A Brief About The Five Product Levels Model
In 1960, the five product levels model was created by Philip Kotler. For Kotler, the definition of the product was different for the general description. For him, the product is anything that can fulfill the requirements and wants of people. This means either it is a general store or a customer support representative everything is considered as a product. According to this model, there are three ways in which customers add value to a product.
Consumer requirement - the lack of essential need
Consumer want - a requirement for certain product or services to fulfill the need
Consumer demand - Set of wants and desires plus the ability to pay for gaining satisfaction
Now after knowing what is a product in the words of Kotler, let’s move ahead and gather knowledge about the five product levels.
A Brief About The Five Product Levels By Assignment Help Providers In Brisbane
Consumers or buyers will buy the product based on their perceived value for the product. Satisfaction at the time of purchasing means the real value of a product is equivalent to the perceived value at the time of buying. Kotler’s five levels of products are explained in the diagram below.
Core Benefit Of The Product
It is the basic need that consumer satisfies at the time of purchasing the
product. For instance, the core benefit of a hospital is to cure illnesses or
diseases in the easiest and quickest way possible.
It means a basic form of the product offered only with the features
important for it to work. According to the above-mentioned example, it
could be a bed, basic equipment, medicine, bathroom, and a doctor.
Expected product means the features that customer expects when they
purchase the product. For example - an expectation of modular room, hi
tech equipment, clean environment, best medicines, etc.
The augmented product differentiates a product from its competitors by
introducing specific variations, add on features, etc. According to the
above example - this could be extra discounts, cheapest service, etc.
Potential products deal with all augmentations and changes in the product
that can be conducted in the future. For example - this could be free
checkups, free medicines, free ambulance service, etc.
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Created on Jan 21st 2020 00:26. Viewed 405 times.