Unit 4: Chapter 17

In a business, convincing your customers that your business has value can be highly beneficial. Customers will be willing to pay more for a service they believe is valuable. Value is relative to the customer, and can change based on many factors. A product that is relevant to your target market will be seen as much more valuable than one that is not relevant. A product or service can have different features that make it more attractive to customers in your target market. Features are things that set your product or service apart from other products or services in your market. For example, a fast-food restaurant that was open 24 hours a day would have a feature that sets it apart from other fast-food restaurants.

While a feature is something that sets a product or service apart others, a benefit is a reason why the customers choose to buy it over the competition. Different customers will look for different benefits, so it’s important to optimize your product to your market. A business should also be very explicit about its features and benefits, as they can be a major selling point. This can be presented to the customer verbally, appear large on a label, or be presented in any way that is obvious. Never assume that the customer knows about your product or service, as if the customer is unsure, you might lose their business.

In order to further appeal to customers in your target market, a business can offer customization. Customization is when your product or service has optional features or styles, usually available for a premium price. While features and benefits help make your product stand out in its market, customization helps your product stand out on a per-customer basis. Not all customers in a market are the same, they are only grouped by their potential interest in a product. There are many ways to optimize your product, and it’s important to keep your market and your customers in mind.

work in progress

This website is currently under development. Expect bugs and changes to occur. If you have any questions or feedback, tell me in the “Contact me” section at the bottom of the home page.