Maybe all these years, I’m not seeing `The Product` right way
Unfortunately many startups don’t see the product beyond, seeing it as a package with bunch of features combine to cater a market need. There are things beyond this. The real product is Core Customer Value
All these years, I always thought the product is a deliverable entity with the requirements full filled to cater some market needs. Of course, it is. But you will be surprised to know the part of the product that makes it more successful. Most of the startups in the domains of Information Technology, Food Tech or any other industry is really focussed on building a product which they want to release into the product and probably go into maintenance mode or sometime new features mode.
Here are Three levels of product that can be identified. Each level adds more customer value.
The first and most basic level is called the core customer value : answers the question: What is the buyer really buying or what is the core problem you are solving.
The second is the actual product: This involves developing product features, design, a quality level, a brand name and even a packaging. This is mostly the part you enjoy directly.
The thirds level is augmented product : This is built around the core value and the actual product. It simply offers additional consumer services and benefits that makes the customers more loyal, excited about using your product.
Here is the graphical representation of Three levels of the Product.
