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.
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.
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.
what are the advantages and disadvantages of a product
What is the difference between product and consumer product
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.
Standardize Products?
is private jet a product or service?
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.