Understand the Product Hierarchy Assignment Help in a Simplified Manner
A business can become profitable only if it achieves its various goals and objectives. These goals and objectives revolve around the products that the company manufactures and markets. The customers are the ultimate consumers of the products so they are the priority of the company. The demand of customers for a particular product is determined by the following factors:
- Need for the product
The product hierarchy homework help finds its basis from the need for a product. The need for a particular product is an important factor as the consumers buy products based on their needs.
- Wants of a customer
The wants of a customer is not the basic requirement of a customer. It is the desire of the customer to possess a particular product or service.
- Demand for a product
The demand for a product is determined by the wants of the customer. And is coupled with the presence of disposable income with the customer.
Philip kotler designed the product hierarchy assignment help to identify how prospective customers perceive product and their value. The five levels of the product hierarchy are as follows:
- Core benefit of the product
The core benefit of the product is the reason why customers choose it over other products. They are bought to satisfy the basic needs and requirements of the consumer. They are primarily known for a particular feature or characteristic which attracts consumers. This is level is also known as need family as it highlights the need of the customer.
- Generic product
In this level all the characteristics of the product are generalized. This categorizes the product into a particular group of products. For example, paracetamol belongs in the category of medicines. It is known for its features of reducing body temperature, aching of body and flu like symptoms. As per the example chosen paracetamol is the generic name for this product and is more commonly referred by its various brand names.
- Expected product
This level in the product hierarchy homework help is concerned with the relationship of the product with the expectations of the consumer. The consumer buys a product with certain expectations in his/her mind. These expectations need to be fulfilled to ensure that the customer does not replace the product with a similar one of a rival company.
- Augmented product
This level of the product hierarchy assignment help focuses on the added benefits and uses of a particular product. The product can thus be used for more than one purpose. These added features also sets it apart from the similar products in the market.
- Potential future of the product
A company in order to be in tandem with the changes in the market needs to frequently update its production process. This can result in changes in the product. Thus, the customer is impacted by such changes which in turn impacts the demand of the product.
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