‘Understanding the meaning of Product, explain using examples what is meant by each of the following: core benefits, augmented product. Explain the importance of each of these concepts in the view of the product’s marketing mix.

A product meets the needs, wants and demands of a consumer., more exactly, need means a lack of a basic requirement; want means a specific requirement for products or services to match a need; demand means a set of wants plus the desire and ability to pay for the exchange.

Customers will choose a product based on their perceived value of it. Satisfaction is the degree to which the actual use of a product matches the perceived value at the time of the purchase. A customer is satisfied only if the actual value is the same or exceeds the perceived value. Kotler defined five levels to a product:

1. Core Product
This is the basic product and the focus is on the purpose for which the product is intended. For example, a warm coat will protect you from the cold and the rain.
Its the fundamental need or want that consumers satisfy by consuming the product or service

2. Generic Product –
This represents all the qualities of the product. For a warm coat this is about fit, material, rain repellent ability, high-quality fasteners, etc.
It’s a version of the product containing only those attributes or characteristics absolutely necessary for it to function.

3. Expected Product –
This is about all aspects the consumer expects to get when they purchase a product. That coat should be really warm and protect from the weather and the wind and be comfortable when riding a bicycle.
This is the set of attributes or characteristics that buyers normally expect and agree to when they purchase a product.
4.
Augmented Product –
This refers to all additional factors which sets the product apart from that of the competition. And