(Book page 9)’
‘Consumers see products as complex bundles of benefits that satisfy their
needs. When developing products, marketers first must identify the core customer value that consumers seek from the product.
They must then design the actual product and find ways
to augment it in order to create this customer value
and the most satisfying customer experience.
(book page 211)’
‘How can a company identify new features and
decide which ones to add to its product? The company should periodically survey
buyers who have used the product and ask these questions: How do you like the
product? Which specific features of
the product do you like most? Which features
could we add to improve the product? The answers provide the company with a
rich list of feature ideas. The company can then assess each feature’s value to customers versus its cost
to the company. Features that
customers value highly in relation to costs should be added.
(book page 215)’
‘Value-based pricing doesn’t mean simply charging what customers want
to pay or setting low prices to meet the competition. Instead, many companies
adopt value-added pricing strategies. Rather than
cutting prices to match competitors, they attach value-added features and services to
differentiate their offers and thus support higher prices.
(book page 278)’
Benefits versus features of the Otsu
snack product:
Benefits:· promotes a healthy lifestyle
· satisfying
· tasty
· good with beer
· exotic
· exciting
Features:
- low calories
- good with beer
- convenient
- good value relative to other snacks
- seaweed flavor
- rice cracker
A value added feature of the Otsu
product could be that it tastes good and is healthy.
