The values that the end-user will derive from a product can be put into categories ( levels ) such as Core, Basic, Expected, Augmented, Potential. Let us take a look at the illustrative diagram below to discuss further –
Core value– It is something that the consumer will obtain the moment h/she purchases the product like the mobility of a motorcycle is purchased. It is the purpose for which the product is being purchased.
Basic Product – It is the necessary ad-ons to make the product usable like seats, mudguards in the bikes.
Expected Product – It refers to all those that make the product a comfortable thing to use such as a proper display console in bikes.
Augmented Product– It refers to particulars that make product ” rich” in terms of worth, one obviously has to pay extra for all this. Ex- Chrome finish somewhere or heated handlebars etc.
Potential product – It is the final thing after augmentations that can be sold to the market.
Branding is the process of making an identity for the product and creating a lasting impact in the minds of the consumers. It involves a lot of time, money and effort. It involves things like creating a logo, symbol /insignia, name etc like The Spirit of Ecstacy on a Rolls Royce car.
Branding should be such that it differentiates the product from its peers as well as keeps it in its class.
A brand which enjoys long term appreciation reaps high amount of brand equity.