- The core product is the basic item offered. - An example of a core product is a TV.
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What are augmented products?
- An augmented product has ‘extra’ benefits to make it more appealing to customers.- An example of an augmented product is a guarantee.
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What is a unique selling point?
- Unique selling point.- A product that makes it different or special.- An example of a usp is a new improved processor in a smartphone.
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What is a product portfolio?
- The product portfolio is the range of products produced by a business. - An example of a product portfolio is ‘Next’- offers to customers: -kitchenware - homeware - babies clothing etc.
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What are the implications of maintaining a product portfolio?
X Costs money to develop launch and stock new products. X May confuse some customers. X Customers may not acknowledge the products that earn the business a profit.
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What is product within the 4P’s?
- A product is anything that is capable of satisfying customer needs.
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What is price within the 4P’s?
Pricing is of vital importance. However, pricing needs to be given its due attention since it has great impact on the rest of the activities and the company. E.g. To find the right price for a product.
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