Core product
| Core product |
|---|
| See also |
A core product, also known as a basic product, is the most fundamental service, benefit, or need that a product or service satisfies for a customer. It is the primary reason why a customer chooses to purchase a particular product or service. However, it is important to note that customers do not base their purchasing decisions solely on the primary use or benefit of a product. They also consider the various attributes and additional benefits that a product may offer. Therefore, every product or service has multiple features, but the core product represents the essential benefit or need satisfaction that it provides to the customer. It is the foundation upon which the product or service is built and the key factor that differentiates it from its competitors. Overall, the core product is the most important aspect of a product that drives customer loyalty and brand reputation. [1] [2].
Examples of a core product
Here are a few examples of core products from different industries:
- In the automotive industry, the core product of a car manufacturer would be the cars they produce.
- In the food industry, the core product of a fast food chain would be the burgers and fries they serve.
- In the technology industry, the core product of a smartphone manufacturer would be the smartphones they make.
- In the retail industry, the core product of a clothing store would be the clothing and apparel they sell.
- In the finance industry, the core product of a bank would be the various financial services such as savings accounts, checking accounts, loans, and credit cards they offer.
- In the software industry, the core product of a software company would be the software they develop and distribute.
- In the healthcare industry, the core product of a hospital would be the medical services they provide such as surgeries, check-ups, and treatments.
- In the entertainment industry, the core product of a movie studio would be the movies they produce and distribute.
These are just a few examples, there are many other different products and services that can be considered as core products depending on the industry.
The core product and other products in a company
The core product of a company is the foundation of the company's products and services. It is the central focus of the company's marketing efforts and the basis upon which all other products and services are created. The other products and services of the company should be closely related to the core product and should complement it in some way. For example, a company that sells cars might have a core product of providing transportation, and its other products may include car accessories, car insurance, car maintenance services, and car financing. All of these related products should be closely aligned with the company's core product, providing customers with a comprehensive solution to their transportation needs.
Core product in marketing
Core product marketing is an essential aspect of any business as it focuses on promoting and selling the company's main product or service. Here are some key elements that are important in core product marketing:
- Understanding the target market: Knowing the target market is crucial in developing effective marketing strategies. This includes understanding the needs, wants and pain points of the target audience, as well as the competition in the market.
- Creating a unique value proposition: The core product must have a unique value proposition that differentiates it from competitors. This could be in terms of quality, price, features, or service.
- Communicating the benefits: The core product's benefits and features should be communicated effectively to the target market through various marketing channels such as advertising, promotions, and public relations.
- Building a strong brand: A strong brand is essential in building customer loyalty and trust. This can be achieved by consistently delivering high-quality products, providing excellent customer service, and effectively communicating the brand message.
- Continuously improving the core product: Continuously improving the core product based on customer feedback and market trends is crucial in maintaining its competitiveness in the market.
- Measuring and analyzing performance: Regularly measuring and analyzing the performance of the core product and marketing strategies is important in determining what is working and what needs to be improved.
Overall, effective core product marketing is essential in driving sales, building a strong brand, and creating long-term customer loyalty.
Errors in core product marketing
Examples of bad marketing of core products can take many forms, but here are a few common examples:
- Failing to identify the target market: Not understanding the target market can lead to ineffective marketing strategies and poor sales. For instance, targeting the wrong demographics or not understanding the specific needs and pain points of the target audience.
- Lack of differentiation: If the core product is not differentiated from the competitors, it can be difficult to communicate its unique value proposition to the target market. This can lead to confusion and lack of interest from the target audience.
- Poor communication of benefits: If the benefits and features of the core product are not effectively communicated to the target market, it can be difficult to generate interest and drive sales.
- Neglecting the brand: Neglecting to build a strong brand can lead to lack of customer loyalty and trust. A weak brand can make it difficult for a company to stand out in a crowded market.
- Failing to innovate: Failing to innovate and improve the core product based on customer feedback and market trends can make the product less competitive and less appealing to the target market.
- Not measuring and analyzing performance: Not regularly measuring and analyzing the performance of the core product and marketing strategies can make it difficult to identify what is working and what needs to be improved.
Footnotes
References
- Bolke S., (2013), Strategic Marketing Concepts of Airlines in the German Passenger Market. Present Challenges, Grin Publishing, Munich.
- Canwell D., Sutherland J., (2003), Leisure and tourism, Nelson Thornes, Cheltenham.
- Dibb S., (1996), The marketing planning workbook : effective marketing for marketing managers., Thomson Learning, London.
- Ferrell O. C., Hartline M., (2011), Marketing Strategy, Cengage Learning, Mason.
- Kalb I. S., (2004), E-Marketing: What Went Wrong and How to Do It Right, K&A Press, Santa Monica.
- Machado R., Cassim S., (2002), Marketing for entrepreneurs, Lansdowne, Juta.
Author: Weronika Kaca
