Product (The first of the 4ps)- Business admin and marketing students

Products can be defined as 'anything that is offered to a market for attention, acquisition, use or consumption and that might satisfy a need or a want.  Products include more than just tangible goods' (Kotler et al, 2009)

There are three levels to a product:

1. Core product-Whati s the buyer really buying?
2. Actual product-This is built around the core product
3. Augmented-these are the little extras that you might get for free or have to pay a fee for when you purchase a product or a service.  Examples include, warranty, guarantees and insurance.

An important element of a product or service is its branding.  De Chernatony and McDonald (1993) have 'defined branding as 'an identifable product, service, person or place augmented in such a way that the buyer or user perceives relevant unique added values that match their needs most closely'. 

A brand can deliver four meanings:

1. Attributes
2. Benefits
3. Values
4. Personality

Brand Equity
A powerful brand can have high brand equity.  High brand equity has many advantages:

1. A powerful brand will ensure a high level of consumer brand awareness and loyalty
2. Consumer will expect retailers to carry the brand
3. The brand name carries high credibility
4. A powerful brand offers the company some defence against fierce price competitors

Brand personality
Brand personality can reflect the nature of the product and the target market. 


Why do companies spend time on creating a branding strategy:

1. Reduces risk
2. Symbolies quality
3. Helps in introducing new products
4. Facilitates promotional effort
5. Fosters brand loyalty resulting in long term sales stability
6. Facilitates quick and easy decision making

Packaging and labelling
What are the major benefits of packaging?

1. Product protection
2. Breaks bulk
3. Keep perishable items freshers for longer
4. Label or packaging may contain valuable information regarding what is in the product
5. Aid promotion of the product-the label will contain the name of the product, where is was produced and  what ingredients are in the product.