Potential product: Difference between revisions
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<li>[[ | <li>[[Value innovation]]</li> | ||
<li>[[Product modification]]</li> | |||
<li>[[Product | |||
<li>[[Dominant design]]</li> | <li>[[Dominant design]]</li> | ||
<li>[[ | <li>[[Disruptive innovation]]</li> | ||
<li>[[Customer driven]]</li> | |||
<li>[[Innovation process]]</li> | |||
<li>[[Disruptive business model]]</li> | |||
<li>[[Specialization strategy]]</li> | |||
<li>[[Product structure]]</li> | <li>[[Product structure]]</li> | ||
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'''Potential [[product]]''' this is the fifth level in the [[marketing]] structure of the product. It covers all modernisations and transformations, that a product could be subjected to in the future<ref>Lancaster G.,(2018),p.114</ref>. This is a very important aspect that increases the opportunities related to the introduction of future product improvements, which results in maintaining proper [[competitiveness]] and [[market]] position <ref>Lancaster G.,(2018),p.114</ref>. | '''Potential [[product]]''' this is the fifth level in the [[marketing]] structure of the product. It covers all modernisations and transformations, that a product could be subjected to in the future<ref>Lancaster G.,(2018),p.114</ref>. This is a very important aspect that increases the opportunities related to the introduction of future product improvements, which results in maintaining proper [[competitiveness]] and [[market]] position <ref>Lancaster G.,(2018),p.114</ref>. | ||
Revision as of 23:51, 19 March 2023
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Potential product this is the fifth level in the marketing structure of the product. It covers all modernisations and transformations, that a product could be subjected to in the future[1]. This is a very important aspect that increases the opportunities related to the introduction of future product improvements, which results in maintaining proper competitiveness and market position [2].
The potential product also applies to all activities related to customer service - such as the possibility of return or complaint. The quality of meetings with clients is also important - music, entertainment in the service environment, sensitivity to the needs of potential consumers, as well the skills of the staff related to deal with consumer's requirements without consulting the supervisor [3].
The potential product includes all the facilities that could catch the attention of new customers and help keep the present klients. It is worth paying attention to two questions[4]:
- What will remain to be done?
- What will be possible in the future?
Most examples of potential products can be seen in the technology industry. Consumers have high requirements when it comes to the market for advanced technologies. They expect that the products which they bought, will last for a long time and work for several generations of technological progress[5].
5 product levels
The five product levels are [6]:
- Core benefit - the key need that the consumer wants to satisfy through the consumption of the product / service.
- Generic product - it consists of all the characteristics or attributes that the product must possess to function and fulfill the features for which it was created.
- Expected product - the mix of characteristics or attributes that customers normally expect and because of them they decided to buy this service or product.
- Augmented product- it use of all additional functions, attributes, related services that are designed to distinguish the product from the competition.
- Potential product - contains all the transformations and improvements that a given product will bring in the future.
Examples of Potential product
- Addition of new features, components, or technologies to a product: for example, a smartphone that includes a fingerprint scanner, or a car that includes a self-driving capability.
- Digital transformation of a product, such as a video game that can be played online.
- Augmentation of existing features in a product, such as increasing the battery life of a laptop.
- Adaptation of a product to different markets or geographies, such as a car designed for the Indian market with a special focus on fuel efficiency.
- Combination of two or more products into a single solution, such as a smartphone that also functions as a laptop.
Advantages of Potential product
The potential product offers a range of advantages for businesses looking to modernize and transform their existing products:
- It can help a business identify any weaknesses in their current product, and suggest changes that can be made to improve it.
- It can also provide a business with insights into consumer trends and preferences, allowing the business to stay ahead of the competition.
- Potential product can also be used to create new products or services that better meet consumer needs.
- It can also help a business identify different market opportunities and plan for future growth.
- Finally, it can help a business to become more innovative and creative in the way they design and develop products.
Limitations of Potential product
Potential product is a fifth level in the marketing structure of a product, which covers all possible modernisations and transformations that a product could be subjected to in the future. However, there are certain limitations to this concept:
- It is difficult to predict the future demand and thus the potential product may not necessarily meet the needs of potential customers.
- Developing a potential product requires a great deal of research and development time and resources which may not be available for all companies.
- It is difficult to identify potential opportunities and threats in the market for the potential product.
- Potential products may become obsolete quickly due to the ever-changing nature of the market.
- It is difficult to maintain quality assurance standards for a potential product.
In summary, there are several different approaches that can be used to maximize potential product performance and future growth. These approaches include product-market fit analysis, value mapping, customer journey mapping, feature roadmap, pricing model, design thinking, A/B testing, and analytics. Each of these approaches can help to create a product that is better suited to customer needs and expectations, and can help to drive future growth.
Introduction: Here are some other approaches related to Potential product:
- Product Development - This approach involves researching and developing new products that solve customer problems. It involves creating new features and functions for existing products, as well as introducing completely new products to the market.
- Product Improvement - This approach is geared towards improving existing products. It involves analyzing customer feedback, incorporating technological advancements and changes in the market, and making changes to existing products to make them more attractive to customers.
- Product Enhancement - This approach focuses on enhancing the features of existing products. It involves adding new features or functions to existing products, as well as improving existing features or functions.
- Product Modification - This approach involves modifying existing products to better fit the needs of customers. It involves changing existing features or functions, or creating entirely new products or features to meet customer needs.
Summary: These approaches related to Potential product aim to offer customers the best product experience by developing, improving, enhancing, or modifying existing products.
Footnotes
References
- Baker M.J.,Hart S.J., (2007), Product Strategy and Management, "Pearson Education", p.282-285
- Butje M., (2012), Product Marketing for Technology Companies,"Routledge", p. 154-157
- Krause F.L.,(2007),The Future of Product Development,"Springer Science & Business Media", p.202-205
- Lancaster G., (2018), Marketing Study Guide,"Cambridge Scholars Publishing", p.147, 268
- Rafinejad D., (2007),Innovation, Product Development and Commercialization: Case Studies and Key Practices for Market Leadership,"J. Ross Publishing",.
Author: Sabina Łach
