Dear Valued Customers
It is public knowledge that customer is the king but who is the queen (s). Obviously among the queens, the most treasured remains the products that the customer buys! This rightly being so as the king normally uses a powerful tool – the rational choice mechanism. This tool can produce the sort of analysis that really matters, cutting through confusion and basically acting in such a way as to achieve the customer’s objective of either instant gratification or satisfaction in the near future.
So you can imagine the importance of having the right product mix to satisfy the king. Is there any place where such behavior is more apparent than a supermarket? The simple fact is that we know less about our shopping behavior than the people running those stores that you shop at and online eCommerce has definitely accentuated this trend.
Thus, a product is everything, both favorable or unfavorable, that one receives in an exchange and is a mixture of tangible and intangible attributes including functional, social, and psychological utilities or benefits. It is important to appreciate that a product can be an idea, a service, a good or any combination of these including supporting services such as installation, promises of repairs and maintenance. What is also important to remember is that when buyers purchase a product, they actually buy the benefits and satisfaction that they think the product will provide.
The product is the object around which all organisational activities are centered. It is the culmination of the organisation attempting to provide a market offering that meets the customers’ need whilst matching the organisation’s competencies and vision. In fact, it is the customer’s perceptions of the product which are the cornerstone of any product policy mix. It should also be remembered that a product does not exist in isolation. The manner in which the product is differentiated from its competitor is also important including the texture, color, smell, package, brand name, the generalized image and of course the storytelling behind.
See you soon.