Core product

A firm's major promotion, service, or product that is available for purchase by customers is referred to as the core product of that company. Core products have the potential to be incorporated into end products, either by the firm that first manufactured the core product or by other businesses to whom the core product was sold.

The idea of having a "Core Product" was first presented by Philip Kotler in his book "Marketing Management: Analysis, Planning and Control," which was published in 1967. The idea of a product having three levels, with this as the first one, is formed by this aspect.

According to Kotler, goods may be broken down into three distinct categories: the core product, the real product, and the enhanced product. One definition of the core product is the advantage that the product offers to the end user (or customer). The term "real product" refers to the thing that can be touched and discusses the physical characteristics as well as the layout of the item. The user will have an easier time putting the real product to use thanks to the supplementary measures that make up the enhanced product. Business companies are able to better understand their clients, better position themselves in the market, and build a product that is more successful when they use a combination of the three tiers of product in their research and development efforts.

Dr. Robert G. Cooper invented the New Product Development (NPD) method, which is often referred to as the Stage-Gate innovation process. This approach was the outcome of extensive study on the factors that contribute to the success or failure of products. At the outset, the process centres on the production of ideas that will define the fundamental product. It is possible for the core product to lead to successful real products if the core product is new and fulfils market need.