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Home » Marketing management articles » The 4 Types of products

The 4 Types of products

September 27, 2018 By Hitesh Bhasin Tagged With: Marketing management articles

There are different types of products and they too act as a family tree and have their branches and are classified under different sections on the basis of their features.

Table of Contents

  • Different types of products are:
  • 1) The differentiated product
  • 2) The customised product
  • 3) The augmented product
  • 4) The potential product

Different types of products are:

1) The differentiated product

The differentiated product enjoys a distinction from other similar products/brands in the market. The differential claimed may be ‘real’, with a real distinction on ingredient, quality, utility, or service, or it may be ‘psychological’ brought about through subtle sales appeals.

Types of products

As competition is increasing more and more, companies are coming out with differentiated products so that they can have a USP to sell better and build more customer value.

2) The customised product

Customer specific requirements are taken into account while developing the product. Commonly practiced in the industrial product marketing, where the manufacturer and the user are in direct contact and the product gets customized to the requirements of the customer. However, a couple of companies which have brought customization to even customer levels are Harley Davidson and Royal Enfield, products which customers love.

3) The augmented product

The augmented product is the result of voluntary improvements brought about by the manufacturer in order to enhance the value of the product, which are neither suggested by the customer nor expected by them. The marketer on his own augments the product, by adding an extra facility or an extra feature to the product.

This is most commonly observed in the Smart phone market wherein more and more technology is being introduced just because the manufacturer is capable of giving this technology. Many customers don’t even demand them. But augmentation gives value to the products of the company.

4) The potential product

The potential product is tomorrow’s product carrying with it all the improvements and finesse possible under the given technological, economic and competitive condition. There are no limits to the ‘potential product’. Only the technological and economic resources of the firm set the limit. Virtual reality, which was a potential product is a reality now and so is space travel which is going to a strong future product.

As you can see, most products fall under one category amongst the different type of products mentioned above. For more reading, also read the different types of demand.

Related posts:

  1. What is Augmented Product? Explained with Examples
  2. Market Demand: Definition, Examples and How to Calculate
  3. What is Demand? Definition, Meaning and Determinants
  4. What is Demand Analysis?
  5. What are the Different Types of Business Environment?
  6. Demand Management – Importance, Components and Benefits
  7. What is Product Strategy? How to develop a product strategy?
  8. What is Product Development? Definition, Meaning, Phases
  9. 6 Main Types Of Marketing Channels Observed in the Business World
  10. Five product levels in Marketing
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About Hitesh Bhasin

I love writing about the latest in marketing & advertising. I am a serial entrepreneur & I created Marketing91 because I wanted my readers to stay ahead in this hectic business world.

Comments

  1. dami says

    what are the advantages and disadvantages of a product

    Reply
  2. Adeshola DANIEL says

    What is the difference between product and consumer product

    Reply
    • Hitesh Bhasin says

      Well the only difference can be if the product was a business product. Consumer products are products bought by residential customers or individuals. Business products are bought in bulk by businesses.

      Reply
  3. Siyab ud Din says

    Standardize Products?

    Reply
  4. power says

    is private jet a product or service?

    Reply
    • Hitesh Bhasin says

      Well, if you are buying a private jet for yourself then it is a product. If you are buying a private jet to fly your clients from one place to another, then it is a service.

      Reply
  5. Sneha Jaiswal says

    Good

    Reply
  6. Lydia Amutuhaire says

    How Sales Men Are Motivated?

    Reply

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