It’s never too late to learn something new. If you don’t know much about total product concept, it’s not the end of the world. You can find everything you want to know about this fundamental concept in this blog itself. So, let’s get started.
What is Total Product Concept?
The customers use the total product concept to evaluate the quality of different products. Let’s say you want to buy a smartphone. Now, you may like to learn the benefits of the product or whether it offers value for money.
Products add value to the daily lives of the customers. Thus, the brands responsible for the creation of the particular products also play a role in enhancing the quality of the lives of people. The companies must curate specific plans in order to keep the potential buyers content with the products.
It is essential that the marketers understand that people spend a lot of financial resource on purchasing a product. Thus, the products should be worth the value.
Total product concept is most effectively understood through its 4 specific levels, involving Basic Core, Accessory Ring, Psychological Ring and Time. Both customers and marketers use the above mentioned concept to judge the quality of product.
The Basic Core
This aspect refers to core features that a firm promises to deliver. Based on these attributes, customers tend to associate with the firm. Thus, if the firm is unable to provide the functional benefits bundle, the product is bound to be unacceptable.
The additional benefits, which the customers receive on availing the product or service apart from the fundamental benefits, constitute the accessory ring. This is the second level of total product concept. Competitive edge created by specific firms is based on this aspect.
The emotion of the customers towards a particular firm is assessed by this criterion. How do the consumers feel after purchasing the product? Are they satisfied with the product? Opinions vary. Thus, it is up to the brand to implement changes for customer satisfaction.
A person having a busy schedule considers “Time” to be an essential aspect. How soon is the product available? How long will the product last? These are some of the questions based on which consumers associate themselves with the brand.
Now that you are aware of the levels of total product concept, it will be easy for you to assess a particular brand.
How to Work on a Project Based on Total Product Concept?
Whether you are a marketing student or a marketing professional, you may receive an assignment that requires you to use total product concept. Obviously, you need to consider the 4 levels that we mentioned in the last section. Besides, you have to check for the reviews on the particular product.
For instance, we again take the example of a smartphone from the XYZ brand. You need to approach the total product concept assignment in the following way.
Consider a particular brand. Conduct detailed research on the organization.
Check for the financial reports, shares and revenue generation.
Collect statistical information and graphs and charts related to the product sales.
Check for the marketing strategies and how it has helped in the growth of the company.
Gather resource on the customer response and their thoughts on the product.
Once you are done with the collection of the data, you have to check for the format of the assignment on total product concept. Depending on the type of assignments, you have to provide an essay or report structure. In such cases, you need to have an idea on the formatting structure as well.
The Basic Layout of an Total Product Concept Assignment
If you have been paying close attention to the blog, you will have an idea on the total product concept and how to approach an assignment. However, in order to present the task efficiently, you need to insert the details in an organized format. Thus, you require an outline.
Now, essays, reports and case studies have different formats. But the factor that remains common in all these types of tasks is the basic structure.
Total product concept assignments usually belong to the marketing sector. Thus, you have to incorporate the following aspects.
The Introduction section of the assignment is crucial for drawing the attention of the readers. Here you highlight the necessary background details of the brand. You also state the objectives and what the readers should expect after going through the assignment.
Here you discuss the marketing objectives, involving the marketing mix. Moreover, the total product concept will further enhance the quality of the study based on which the firm needs to take actions. In this section, you will provide the validations in the form of graphs, charts, table and other statistics etc.
The entire section should be precise and accommodate all the critical elements like product components, acceptance among the customers, statistics regarding sales, etc.
Based on the analysis provided in the assignment, you will have to evaluate the current situation. If the product receives mass appreciation, then the organization needs to carry forward the goodwill and offer customer assistance.
In case the total product concept yields unsatisfactory results, the organization needs to alter the strategies. The students have to present viable solutions based on the current market scenario.
The final section of the assignment is the conclusion. Here you have to round up the entire content while highlighting the essential aspects. Moreover, you can also state the future research scope.