Market
The three level of Product theory is used in the process of creating every product. Is there any similarities and differences? Discuss.
In marketing, one of the challenges is how to create value of product in order to support the unique selling proposition. Before determining the perceived value in products, we need to know what product (Offer) is. Product is anything that can be offered to a market for attention, acquisition, use or consumption to satisfy needs and wants. There are three levels of product - core product, actual product and augmented product. In the following article, an IKEA TROMSÖ Loft bed frame with desk top and Monash Sport (Caulfield) Gym + Group Fitness Membership will be discussed and compared by using the framework of the three levels of product.
When developing products, marketers must pay attention to the most important level--core product, which is intangible but the ultimate benefit that the customer will receive when they purchase products. By the core product Gronroos(1990) means the basic reason for being in business. This indicates whenever marketers design products, they always need to consider the benefits that products can provide to the consumers. Secondly, the product planners need to design an actual product. The actual product is the physical product itself, aiming to provide solutions to consumers’ problems. Furthermore, augmented product is the intangible aspect of the product. The augmented product concept is well established in the marketing theory and practice. The literature identifies the 'augmented product' (Levitt 1974) or the 'extended product' (Kotler 1972) as the addition elements to the value of core products. According to Kotler(1972), it described the extended product as "the tangible product along with the whole cluster of services that accompany it". Nowadays most competitions occur at augmented level as to create values to distinguish from competitors.
The investigated products are Loft bed frame
In marketing, one of the challenges is how to create value of product in order to support the unique selling proposition. Before determining the perceived value in products, we need to know what product (Offer) is. Product is anything that can be offered to a market for attention, acquisition, use or consumption to satisfy needs and wants. There are three levels of product - core product, actual product and augmented product. In the following article, an IKEA TROMSÖ Loft bed frame with desk top and Monash Sport (Caulfield) Gym + Group Fitness Membership will be discussed and compared by using the framework of the three levels of product.
When developing products, marketers must pay attention to the most important level--core product, which is intangible but the ultimate benefit that the customer will receive when they purchase products. By the core product Gronroos(1990) means the basic reason for being in business. This indicates whenever marketers design products, they always need to consider the benefits that products can provide to the consumers. Secondly, the product planners need to design an actual product. The actual product is the physical product itself, aiming to provide solutions to consumers’ problems. Furthermore, augmented product is the intangible aspect of the product. The augmented product concept is well established in the marketing theory and practice. The literature identifies the 'augmented product' (Levitt 1974) or the 'extended product' (Kotler 1972) as the addition elements to the value of core products. According to Kotler(1972), it described the extended product as "the tangible product along with the whole cluster of services that accompany it". Nowadays most competitions occur at augmented level as to create values to distinguish from competitors.
The investigated products are Loft bed frame