Potential product
| Potential product |
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| See also |
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.
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
