Product Value is the worth of a good or service. To a company, the price of a product depends on its production costs. To a target customer, the cost must be weighed against its perceived value. Value seems a simple concept. Yet it can be complicated. Why does a BMW cost more than a Toyota but less than a Bentley? While there are certainly differences in production costs, technology, marketing and more, the biggest difference is the perception of the product value. This is why cars depreciate so quickly. That perception quickly fades and equalizes over time.Continue reading
Achieving a product-market fit is an important milestone for every company. To be successful in business, you must understand how your products fit into the market. Who are your customers? Is there a market need? Does your product offer something unique? How much will people pay for it? These questions are critical for success in any business.