Features of Products
- Customer Satisfaction: Products are the means through which customers fulfill their needs and wants. ...
- Exchange value: The product should have an exchange value in monetary terms for which it is exchanged with people. ...
- Tangibility: It is one of the important features of the product. ...
What are product features and benefits?
It is an expression of fulfilling the customer’s need. Customers are more interested in the benefits of the products they are buying versus their technical details. In short – product features show what your product does, and product benefits show what it does for them.
What is more important to customers features or benefits?
Given that benefits are ultimately more important to your customers than features, it is imperative that you understand the benefits your products and services provide, emphasize these benefits in your sales efforts, and update your products and services when new or additional benefits are desired by your customers.
What makes a product or service valuable?
Features can communicate the capability of a product or service. But features are only valuable if customers see those particular features as valuable. You want products or services with features which customers perceive as valuable benefits.
What do customers really want from a product?
Customers are more interested in the benefits of the products they are buying versus their technical details. In short – product features show what your product does, and product benefits show what it does for them.
Why is it important to understand your product features and benefits?
Understanding your products' features allows you to present their benefits accurately and persuasively. Customers respond to enthusiastic sales staff who are passionate about their products and eager to share the benefits with them.
Why it is important to sell the benefits of a product rather features?
Features act as the “proof” for your benefits by helping you quantify the claims you're making, it is also important way for people to measure your product against the competition. Without features, benefits are not as effective. A feature is what something is. A benefit is what something does and its result.
What is a feature What is a benefit?
The difference between features and benefits: A feature is a part of your product or service, while a benefit is the positive impact it has on your customer. Think about your favorite pair of jeans.
What is a product feature?
What are Product Features? Definition: Product features are a product's traits or attributes that deliver value to end-users and differentiate a product in the market. The battery life of an electronic device can be considered a feature. So can the fabric or other materials a suitcase is made from.
Why is it better to sell benefits rather than features with examples?
Selling benefits rather than features makes it a lot easier to charge higher prices. You are able to differentiate your product by creating a story that emphasises intangibles. This helps you justify a higher price than a generic product.
Are benefits more important than features?
Although benefits are generally more important than features, there are some times when features make all the difference: When all the products in a category provide the same basic benefits, a unique feature may provide a competitive advantage.
How do I sell benefits and not features?
Sell benefits not features: the whyEngage with your audience. Remember market research? ... Speak your audience's language. Armed with the results of your market research, you can now probably see your product or service better through the lends of the consumer. ... Get Emotional. ... Turn your features into clear benefits.
What is the importance of product?
Importances of Product. Importances of Product. Element of marketing mix: Product is the key element of the whole marketing mix. All other elements that are price, promotion, and place mix are all dependent and decided in accordance with the product.
Why is product important in the market?
People buy and consume different products for satisfying their numerous needs. Key to market success: Product is an important element for attaining success in the market. If business is able to deliver products in accordance with customer requirements, their product will widely be accepted.
What does "product" mean?
Meaning of Product. Product refers to an item, good or service that is capable of satisfying the needs or wants of customers. It is one of the crucial elements of the marketing mix and is offered for sale in the market. Product is simply a means or medium of providing service to the customers. It comprises both tangible and intangible items ...
What is the intangible attribute of a product?
The product should have tangible attributes like it should be seen, touched or should have a physical presence. Intangible attributes: Product may be intangible which means that it does not have any physical presence. In the case of availing services like banking, repairing, and transportation, a product is intangible.
What are the two categories of products?
A product is created as a result of different production processes and efforts of human labor. There are basically two categories of products: Consumer products and industrial products. Consumer products are those products that are ultimately used by customers for satisfying their wants.
Why is it important to have a social perspective?
It will attract more customers and will provide growth opportunities for the business. Essential from social viewpoint: It is important from the viewpoint of society as it provides numerous benefits to them. The product satisfies the wants of society, improves their standard of living and also serves as a means of providing employment opportunities ...
What is product in business?
Product is simply a means or medium of providing service to the customers. It comprises both tangible and intangible items that can be made available in the market for attention, acquisition, and use by people for fulfilling their needs.
What are features of a product?
Dan Shewan defined product features as “A feature is something your product has or is… this is typically functionality offered by a software program that enables users to do something.’
What is the benefit of a product?
Benefits are the outcomes or results that users experience by using your product or service.
How to make a product successful?
Start by building an understanding of the benefits your customers seek. Then identify the features your product needs and does not need in order to help your customers experience those benefits. Success comes when you express benefits in terms that your customers understand, and ties your product’s features to those benefits.
Why is it important to keep the relationship between benefits and features in mind?
It’s helpful to keep this relationship between benefits and features in mind when you decide what features to deliver and in what order. The nature of the relationship between features and benefits helps you determine how to represent features.
What are the features of a MacBook Pro?
There are features that describe what characteristics a product has. This post was written on a MacBook pro with the following features: 1 3.1 GHz Dual-Core Intel Core i7 Processor 2 16 GB 1867 Mhz DDR3 memory 3 Intel Iris Graphics 6100 153 MB graphics.
How to decide what to include in a product?
When you are trying to decide what to include in your product and what to leave out, start with the outcomes you’re trying to realize. Use your organization’s strategy to filter the features you deliver. Communicate the results of your decisions on your roadmap.
Why do you use varying lists of features?
You can use varying lists of features for different versions to explain what each version does and does not have. When you use features in this manner, you help customers who have already decided to buy your product decide which version they are going to buy. You structure your decisions around features.
What Is a Product Feature?
A product feature is a separate area of new and upgraded functionality that delivers value to clients. In general meaning, features can refer to capabilities, user interface design, components, and performance upgrades. A product manager (PM) is a person who owns the product roadmap and what exactly will be created. Defining, evaluating, and prioritizing features is a significant part of this job. Features can also contain status, timing, assignees, and other details.
What is a feature prioritization matrix?
This feature prioritization matrix allows operating tasks in a more comfortable way. It also offers four squares: each of them defines the value of the group of tasks and the approximate amount of effort for the task execution.
Who is the author of the product backlog model?
This technique assumes that a product backlog is not enough to prioritize the work. The author of the model, Jeff Patton, thinks that in order to succeed, you need a more detailed structure.
What is the difference between a feature and a benefit?
A product feature is a specific piece of functionality that has a corresponding benefit or set of benefits for the user. Benefits are the value that users gain from using that functionality. Skilled product managers can articulate benefits — why the feature ultimately matters to the customer.
Why is it important to have a consistent, repeatable method for defining and describing features?
It is important to have a consistent, repeatable method for defining and describing features so you can tie each one back to a key business objective. Otherwise, you can end up with a hodgepodge assortment of new functionality and enhancements that are not delivering value.
What does a product manager do?
Product managers own the product roadmap and what will ultimately be built. Evaluating, defining, and prioritizing features is a large part of the role. Features may also contain other details, such as timing, status, and assignees — but generally you should have an understanding of each of these elements for any given feature:
Why do we need wireframes?
You may want to create a wireframe to provide a quick sketch of the desired user experience for a given feature. Then, work with the UX team to deliver a mockup, or visual design, of what the feature will look like. All this work is grounded in giving the engineering team clarity about what is needed — so that they can implement a brilliant solution.
Why is it important to articulate the benefit?
Articulating the benefit allows you to evaluate how each feature supports major areas of investment, or initiatives, as defined in your product strategy . Further aligning features to customer needs and business goals helps you connect the "why" to the "what" of what you build.
What happens if a product manager doesn't take action?
If you do not take action to resolve these disagreements, the indecision will be pushed into engineering. They will either start building what they think is right or thrash and simply stall out.
What is a slice of functionality?
A slice of functionality that describes a product's appearance, components, and/or capabilities.
Why are features important?
Features can communicate the capability of a product or service. But features are only valuable if customers see those particular features as valuable. You want products or services with features which customers perceive as valuable benefits. By highlighting benefits in marketing and sales efforts, you’ll increase your sales and profits.
Why do features matter?
Features always matter because they provide your customers with hints about how well your product or service will deliver its benefits. Although benefits are generally more important than features, there are some times when features make all the difference: 1 When all the products in a category provide the same basic benefits, a unique feature may provide a competitive advantage. For example, when all boom boxes played tapes and CDs, the one with the bass booster stood out even though the benefit to the consumer was minimal. As another example, when all leadership consultants referred to similar performance improvement outcomes, the ones who developed online diagnostic tools distinguished their work from competitors. 2 When products or services can be easily compared with competitors’—as the Internet makes increasingly possible—consumers can choose products and services with the most features. Thus, even though most cell phones will provide its owner with the same general benefits for communication, a person considering which cell phone to buy may not choose a certain model if it is missing a feature not found on a competitor’s phone. For example, if one phone has Bluetooth connectivity and a second one does not, consumers may choose the one with this extra feature even if they don’t even know what Bluetooth connectivity is. It’s not that such connectivity is important, it’s just that it is so easy to compare the feature sets.
What are the benefits of an oven?
Benefits are the reasons customers buy the product or service. For example, the benefits of some ovens to buyers include safety, ease of use, affordability, or—in the case of many ovens that feature stainless steel casings—prestige. Just like products, services differ from one another in having distinctive features and benefits, ...
Why is it important to understand benefits?
Given that benefits are ultimately more important to your customers than features , it is imperative that you understand the benefits your products and services provide, emphasize these benefits in your sales efforts, and update your products and services when new or additional benefits are desired by your customers.
Why is it important to highlight benefits in marketing and sales efforts?
By highlighting benefits in marketing and sales efforts, you’ll increase your sales and profits. It’s important to remember that customers buy products and services because they want to solve a problem or meet a need.
What is the difference between benefits and features?
The distinction between the terms benefits and features is an important concept in developing and marketing a product or service. Features are characteristics that your product or service does or has. For example, some ovens include features such as self-cleaning, smooth stovetops, warming bins, or convection capabilities.
What is the purpose of an oven?
Every product or service has a purpose. For example, the purpose of an oven is to bake raw food, but not all ovens have the same features and benefits. The uniqueness of a product or service can set it apart from the competition. Features can communicate the capability of a product or service.
What is product feature?
This comes from a fundamental misunderstanding of the differences between features and benefits. Product features are the characteristics of your product . These are the plain facts about the product – its size, weight, and functionality. These are elements that are more important in the production stage. But when it comes to the selling stage, ...
What is benefit in marketing?
Benefits are the outcome and result that the customer will experience by using your product – the reason why a visitor converts into a custome r. Remember, consumers don’t buy things for the sake of buying them – they want to solve their problem. Get out of the product bubble.
What is the idea behind the statement "You shouldn't tell the customer what you've produced"?
The idea behind his statement was that you shouldn’t tell the customer what you’ve produced, but instead the value they will gain from your product. And, although this is a simple idea, many marketers fail to apply it. Many businesses describe their product in the way that they see it, not in the way to attract a customer.