The is the product or service developed to satisfy customers needs.
There is no point in developing a product or service that no one wants to buy, yet many businesses decide what to offer first, then hope to find a market for it afterwards.
Successful companies find out what customers need or want and then develop the right product with the right level of quality to meet their expectations, both now and in the future.
– A product does not have to be tangible
– an insurance policy can be a product.
– The perfect product provides value for the customer. This value is in the eye of the beholder
— we must give our customers what they want, not what we think they want.
– Ask yourself whether you have a system in place to regularly check what your customers think of your product and your supporting services.
– Find out what their needs are now and whether they believe these will change in future.
– Beware the product quality trap – don’t take it too far by trying to sell a Rolls-Royce when the customer really wants a Nissan Micra.