A company respond to a competitor's price cut in marketplaces with largely homogenous products is Augmented product.
An augmented product has been given extra features or services by its seller to set it apart from similar products sold by rival companies. A product can be enhanced by adding extra features or advantages that are not physically present.
What is an Augmented Product?
- Every product comes in at least three versions: the core, the actual, and the augmented.
- The fundamental, actual, and enhanced versions of every product are all there are.
- The enhanced product has extra features and services that set it apart from same or comparable items sold by other merchants.
- Product augmentation increases the value of the purchase rather than altering the actual product.
- A product that has been enhanced may have a perceived worth that encourages the buyer to purchase it and may enable the seller to demand a higher price.
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