A product is an item, information source, tool, environment or service that has enough value in the opinion of customers that they might buy it.A feature is a characteristic or function of a product that gives it more value.
The DifferenceA product is sellable. That doesn't mean that it is necessarily sold, only that it has enough value to command a price.A feature adds value but isn't something that customers would buy on its own. A feature may be added to a product to make it more valuable. Alternatively, a feature may be offered separately to build your reputation or to promote products or brands.
ExampleImage editing software provides a popular tool that can tell you the color code of any pixel in a photo. Most customers wouldn't be willing to pay for the feature on its own but view it as a benefit of the product.
Something a firm produces or delivers that customers are willing to purchase.
A function, characteristic, service or tool that customers may value but aren't willing to purchase on its own.
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.
A definition of product value with examples.
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 systematic investigation of market conditions including customers and the competition.
An overview of competitive intelligence.
The difference between market analysis vs market research.
An overview of total addressable market with an example.
The difference between market penetration and market share.
A list of common types of target market.
A definition of lead user with examples.
A definition of competitor analysis with examples.
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