product strategy

Question 1

What is product?

Answer 1

Product is the bundle of satisfaction that is offered to customers

Question 2

What is product strategy?

Answer 2

Product strategy is the way a product is developed into making it marketable (appealing and relevant) so customer needs can be satisfied

Question 3

3 levels of a product

Answer 3

core -> actual -> augmented

Question 4

what is the core level?

Answer 4

what needs is the product providing?

Question 5

what is the actual level?

Answer 5

physical offerings (product features and functions) eg. brand name, packaging, physical features

Question 6

what is augmented level?

Answer 6

offer additional services and benefits eg. delivery, warranty, credit, installation

Question 7

product strategy of a hotel

Answer 7

core: accomodation and dining

actual: facilities (gym, swimming pools), food menus, free wifi, room service, towel and TV

augmented: storage space after check out, bus to airport