Topic 4 - Continued

Presented is a diagram which depicts the levels of a Product:

As demonstrated, there are 3 levels of a product. the Augmented product level contains initial and final phases such as delivery and after sale service. The actual product is the physical attributes and features of the product in question and the core benefit is the main and primary purpose of the product. For example the core benefit of a savings account is to "safely store money".

In relation to financial services, there are 3 broad options for financials service delivery:

1. Customer Visits the Site

2. Service provider goes to the customer

3. Transaction happens at arm's length

Aside from a core service, products offer supplementary services:

- Information (Facilitating)

- Order taking (Facilitating)

- Billing (Facilitating)

- Payment (Facilitating)

- Consultation (Supporting/enhancing)

- Hospitality (Supporting/enhancing)

- Safekeeping (Supporting/enhancing)

- Exceptions(Supporting/enhancing)

Example: Savings Account

Core - Safety of Cash

Sup 1 - Supporting Services (monthly statements, exchanges, etc)

Sup 2 - Online access, ATM access, etc