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Total Product Concept - Market Analysis

Total Product Concept is a bundle of the services offered by a service or product. For instance, fitness equipment total product can be defined as all the advantages customers receive by using any product, from good health to psychological feeling connected with using a product to the time saved by buying the good online to after sales services provided by a manufacturer.

total

Total product concept has been analysed using four levels

  • Basic Core

It is defined as a bundle of the functional benefits. The basic core involves all key benefits that organisations promises to deliver. Primarily the customer expects core requirements to be fulfilled and satisfied with the basic core feature and benefits of the product. Customer sanctification greatly depends on different functional benefits. A product without the basic core is going to be failure as it is core advantages customer expect and failure can be resulted in the major dissatisfaction in customer's mind.

  • Accessory Ring

It includes the added value benefits that are received and not directly paid. Accessory ring involves advantages that customers gain as an extra value added services apart form the key benefits promised. Companies uses such benefits with the purpose to build a competitive advantage through differentiating the product from their competitors.

Accessory Ring

  • Psychological Ring

It is formed by the advantages resulting from customer's feelings lined with using any product. It includes customer's thoughts and emotions regarding ownership of a product and it may also differ from the customer to customer. Thus, it may little challenge to obtain it as organisations have to examine the customer's mind in order to obtain the information.

  • Time

When making a purchase, time taken or saved can good or bad. It is related to the time consumed when buying and using any product. Such benefits can be significant components for the consumers who have a busy life style.

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Analysis

Product Layers Concept

It is all about three layers of a product where customers imagine a product as main physical item. A product's nature can be explored through analysing three layers including Core product, Augmented Product and Actual product.

  • Core product cannot touch such kind of the product as these are not the physical items. In this aspect, core is signifying the benefits of a product that make it valuable for customer's perspective. With an examples that individuals have considered earlier of the papers, benefits of using the papers is that it makes it easier to pack the material and disposal of any material is also very convenient. Secondly, it is not polluting the environment.
  • Actual products are related to physical item that can be touched by customers or anyone. For instance, paper bag is produced and can be felt and touched by hand in order to utilise it.
  • Augmented products are related to the non-physical aspect of product. Such aspect cover value add of a product than the cost included for procuring product. For instance, augmented products of purchasing any new vehicle would be a product or accessories that are given as a value add to customers. According to the augmented products, features that are provided can be customised according to the customer's convenience.

core product

Classification of the product lines

  • Packaging convenience- It is most effective strategy to attract more customers as individuals in market follow the new trends to have a fresh and effective way of packaging. Organizational management and their mangers need to consider a convenience in transporting all the product in new packaging.
  • Post sales experience- It is a driving and most significant component of marketing in existing time. Major blunder done the organisational management is that strategies are merely made in order to somehow attract more customers and sell more and more product.
  • Speciality offers- For the loyal customers, an alternative choice is not an essential option. Since they have a trust in benefits of a specific brand and were the beneficiary for long time period, it is very hard for the another organisation to attract such customers. For example, if customer is planning to purchase new car and also had a good experience with his old care, then major change is that he will purchase a car of same brand rather than a different brand that is unfamiliar for him.

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Product life cycle

It is based on biological life cycle of a product. Changing trend in reference of the product by customers keep altering their choice for the products. It could be varying with change in sharps decline of product prices. At this phase, customers have differentiation that they opt and it could minimize overall profitability of specific brand and lead them to the cost cutting measures.

Second aspect in market development is evaluation of product that include testing of product's ideas &marketing model. To evaluate product, three levels of products are very useful as the marketing tool. There are several test that can be conducted like customer can test a product by exposing them to preference of product. Different product component can be evaluated by various customers where they evaluate product's component, material used in packaging and labelling.

Product cycle

Elements of product mix

If organisations market the different product, then it is called product mix like:

  • Product item- Different kind of the product that company offer
  • Product line- Grouping of products
  • Product mix- Larger groups of the products that are marketed by single organisation.

Mostly Searched FAQ's Questions by the Students

1). What is concept of the total product within marketing?

It pinpoints how much of product an organisation can produce by using of the diminishing marginal return. The total is also defined as customer’s experience with regard to the purchase experience from quality of purchase itself to all the connected sales supports.

2). Why do the marketers use the total product concept?

This concept was introduced by the Kotler and Levy during 1969. understanding total product is very critical as a best satisfying products or services are central to marketing concept & business success.

3). What are the elements of total product?

Total product concept- it is arranged intro three chapters including product consideration, product layers & product components.

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