Product and Price Essay Example | Topics and Well Written Essays - 1000 words

Product and Price - Essay Example The core product cannot be touched because it is not the tangible physical product. It is the benefit that customers will get from using the WBC’s product. The actual product is the physical product produced WBC. Finally, the augmented product is the intangible part of the crystal clear, granite filtered mountain water. It is the added value of the product which can be in the form of the after sales services provided by WBC after making purchases. Another value is the customer service support provided by the company. The product life cycle theory divides marketing into four sections or stages. The stages include the introduction, growth, maturity, and decline stages. The crystal clear, granite filtered mountain water developed by the company has not yet sold the product. It means that the product is at its introductory stage. The Boston Consulting Group Matrix (BSG) is a marketing theory helps in determining the group in which a product is based on how it is doing. The matrix assesses the product on two dimensions. The first dimension looks at the growth of the product in this market. The product produced by WBC can be described as being a basic need. It means that the growth in the market is expected to be high. The second dimension measures the product’s market share as compared to the largest competitor in the industry. The crystal clear, granite filtered mountain water has a low market share because it is new in the market. According to the analysis of the product, it can be classified as a Problem Child in the matrix, especially because it is a new product in the market. Service marketing includes the of selling services provided by a company (Pride, 2010). WBC is currently selling a product, but it can gain a competitive advantage by providing after sales services. These forms of services help WBC market itself to its consumers. It will also help the computer gain a reputation of providing the best