There is so much competition in today’s marketplace, and customers have many choices when it comes to purchasing preferences. A successful company must be able to prove to the customer that its product has value, and that it is in some way better than the competition.
In addition, companies must be able to change and evolve with the market to meet the changing interests and demands of consumers. A company that stagnates will be doomed to failure.
Think of products that you use on a regular basis. What influences your decision to purchase those products? Why do you feel that those products have value? How does the company convey that value to you?
For this discussion, please post about the following:
- Select a product that you purchase on a regular basis.
- Describe the product. What is it? What is its purpose? What are its key features and benefits?
- How does the company create value in this product, and how is that value communicated to the customer?