Product element of the marketing
The product element of the marketing mix signifies the tangible or intangible product offered to the customer which is the satisfier of the need. The product, manufacturers try to add more and more utilities to the product to provide greater satisfaction and winning edge over competitor. A marketer can follow the concept of product levels while developing an offer.
At first level lies the core benefit i.e., the fundamental or the basis benefit that the customer seeks in the product or service which he buys. For example, the core benefit offered by a car is transportation facility.
The second level of the product or service is the expectation of customer what customer expects in the product or service which he is buying for example a customer expects the car to be comfortable in driving, better average, good shape and style etc.
The third level of products or service is argument concept how our product is better than the product of competitor, argumentation means add to the product or service which is more than the basic expectation of the customer for example, in the car the marketer can offer free insurance, free seat covers or after sale service.