Product Management & Marketing Fundamentals
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Understanding the Product
A Product is anything that can be offered to satisfy a need or want.
A Product Manager understands the product and defines its best strategy.
Defining Product Strategy involves assessing external and internal performance, competitive situation, and the product's position within the overall product portfolio.
Product Attractiveness Factors include price-value, features, quality, and service mix.
Product Levels
Products can be understood at five distinct levels:
- Core Benefit: The fundamental benefit or service the customer is truly buying.
- Basic Product: The actual product features, design, quality, and packaging.
- Expected Product: The set of attributes and conditions buyers normally expect when they purchase this product.
- Augmented