Since the era of modern-day arrival, companies have been forced to apply different management and marketing practices to beat the competition and earn profits. Do you think sticking to one marketing concept/philosophy gives better results? Due to competition choosing the right marketing concepts or philosophies has been a challenging task for marketers today. Here, I…
The product we buy is an actual product as well as an augmented product but these products are made up of a core product. Whenever a consumer buys a product he buys an either actual or augmented product. So, where the core product stays? Let’s find out what it is, why it is important, and…
What is an Augmented Product? An augmented product is the addition of additional features to the actual product to provide extra value to consumers. It is also called extended product or product augmentation. These additional features can be provided in the form of discounts, free delivery, warranties, refunds, and so on. The main objective of…
What is an Actual Product? An actual product is a physical or tangible product that is ready to use. It is the product consumers can hold in their hands when they purchase. Through actual products, consumers get the core benefits of the product. For example, if you seek actual benefits from a product in writing,…
Who do you think is a person of a company who passes the information about its products or services to people? Is it a marketer? Let’s find out. What is a Marketer? Or, Who is a Marketer? A marketer is a person who is responsible for passing information about a company’s products to people, influencing…
The product itself is not identifiable about what it is, who made it, what benefits it provides, etc. Labelling has an important role in making the product more recognizable and identifiable. Let’s understand what labelling is, its types, functions, and importance. What is Labelling? A label is any tag or identification mark attached to a…
There was a time where CDs, VCRs, and Typewriters were the most popular. But today in the 21st century they have become outdated. This is one of the best examples of a product life cycle (PLC). So, what is the product life cycle (PLC), what are its stages, and why it is important, let’s find…
Suppose you made a product you thought people would like and distributed it to the market. But you did not get the expected sales or expected results. After some time you realize that you have successfully wasted your money, efforts, and time. This is what happens when you launch a new product or expand your…
Products should be made as per the choices of the company or as per the choices of customers. What do you think about which choices (company or customers) should be prioritized while making products? Let’s find out what the marketing concept of marketing philosophies has to say about this. What is a Marketing Concept? The…