The term "core product" refers to the fundamental benefit or value that a product or service provides to customers. It is the essential feature or experience that satisfies the basic needs or desires of consumers.
For example:
- In the case of a smartphone, the core product is communication and connectivity.
- For a hotel, the core product is a place to stay and rest.
- In the automotive industry, the core product is transportation.
Understanding the core product is crucial for businesses, as it helps in defining marketing strategies, product development, and customer engagement efforts. It allows companies to focus on what truly matters to their customers and tailor their offerings accordingly.