Define product hierarchy! What are its characteristics?
The product hierarchy is the intra-level characteristics of the three broad levels of products core, tangible and augmented. In order to recognize the core product, marketers must first define what the core benefits the product will provide the customer. The actual product must be built around the core product.
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The product has as many as four characteristics:
- Quality level
- Features
- Brand name
- Packaging
All these attributes combined together carefully deliver the core benefit(s) of the product. The augmented product offers additional consumer benefits and service such as warranty and customer training. Marketers must first identify the core consumer needs (develop core product), then design the actual product and find ways to augment it in order to create the bundle of benefits that will best satisfy the customer.
The product hierarchy stretches from the initial stage of the product, i.e., need at the basic level for a particular item of franchise in the process of product planning. There are seven levels of product hierarchy. The products have to be classified under a product-line in accordance with their length and width. They should invariably be named for making it easy to classify the items thereof.
