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Product value is the perceived worth of a product or service in the eyes of customers. It is a key concept in product development and pricing. If you can develop a product that has significant value to customers at a price that is perceived as fair, it may sell well. The following are illustrative examples of product value.
FunctionalityA video editing tool that offers all the functionality a filmmaker could ever want.FeaturesA bicycle designed for city life with a basket on the front.An email tool that is easy to use with functions that work as users expect.ConvenienceA taxi that is easy to order.Customization & ControlBusiness software with a skinnable user interface that firms or users can customize to maximize their productivity.
A mobile device that doesn't break.A market data service that is always up.A luxury watch with a refined design that triggers admiration in customers.A product or service that doesn't harm people or planet.
An aircraft that continues to fly when it encounters errors in systems or components.PackagingSoap that's easy to open that doesn't feel overpackaged.SafetyA car that tries not to hit things with functionality such as auto braking and blind spot monitoring.HealthA food with ingredients that are perceived as healthy.Taste Food that tastes good to a particular customer.
DecorA hotel with well designed rooms that make use of high quality materials.LocationA resort with a beachfront location on a popular beach.StyleFashion that is perceived as stylish by a customer.EfficiencySolar panels that efficiently covert available solar energy into power.A solar panel system with a battery such that it's available when the grid goes down.
Customer ServiceAn airline with friendly and professional flight crews relative to the competition.SocialA lively cafe that is often filled with interesting people.CompatibilityA rechargeable battery that is a standard size.PerformanceAn investment vehicle with historically high returns.DurabilityA rechargeable battery that can be charged thousands of times without a noticeable decline in performance.
AccuracyA navigational app that is updated frequently such that it doesn't list restaurants that have gone out of business.EntertainmentA comedy that is funny.EngagementA video game that's addictive and fulfilling. PreferencesA pen that saturates paper with ink at the speed that a customer prefers.ReputationA wine that a customer perceives to have a good reputation based on reviews or factors such as appellation, brand, vineyard or vintage.
Product Development
This is the complete list of articles we have written about product development.
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A guide to product development.
A checklist for developing a product strategy.
An overview of product differentiation.
The business difference between products and services.
A definition of moment of truth with a few examples.
The difference between a product and a feature.
A definition of productization with examples.
A definition of target costing with examples.
A definition of market fit with examples.
The steps to develop and launch a new service.
A comprehensive guide to design.
An overview of color theory.
The arrangement of the elements of a design or work of art.
The difference between modeless and contextual user interfaces explained.
A list of common types of design.
The steps in a design process.
The common types of design quality.
A definition of universal design with examples.
A definition of sensory design with examples.
An overview of emotional design.
The definition of elegance with examples.
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