Term Paper-Importance of Product Characteristics in Modern Day Scenario
Introduction
In the modern business world, the focus and magnitude of competition is constantly changing. Product features like quality, design, relative and overall performance have gained more important than never before. With the introduction of various e-commerce related startups, the growth of many of which gained massive momentum very quickly, competition changed from its previous quality orientation to one of a very high price orientation.
A product’s characteristics include its design, usability, price, color, performance an even its market acceptance. Today’s customers are extremely specific about their preferences and are more demanding than ever. They have started giving importance to product characteristics i.e. a product’s characteristics have a huge impact on its demand. Different customers give importance to different aspects of a product example-a teenager might look for higher performance specifications in a phone whereas an older person might just consider the design of the phone or a phone with a bigger font display which makes it more usable for him. This very fact has lead to companies trying to focus on all probable selling points of a product at once. This has further complicated the definition of competition and only those companies have been successful who have successfully understood the characteristic preference of the majority and delivered a product which satisfies those needs better …show more content…
However, any business which is able to mould its product according to the consumer’s preferred characteristic attributes, wins.
It is important to note here that the product characteristics being talked about include only those which can be controlled or altered under the process of production. Thus, product characteristics like brand standing, after sales etc. are not being considered
Introduction
In the modern business world, the focus and magnitude of competition is constantly changing. Product features like quality, design, relative and overall performance have gained more important than never before. With the introduction of various e-commerce related startups, the growth of many of which gained massive momentum very quickly, competition changed from its previous quality orientation to one of a very high price orientation.
A product’s characteristics include its design, usability, price, color, performance an even its market acceptance. Today’s customers are extremely specific about their preferences and are more demanding than ever. They have started giving importance to product characteristics i.e. a product’s characteristics have a huge impact on its demand. Different customers give importance to different aspects of a product example-a teenager might look for higher performance specifications in a phone whereas an older person might just consider the design of the phone or a phone with a bigger font display which makes it more usable for him. This very fact has lead to companies trying to focus on all probable selling points of a product at once. This has further complicated the definition of competition and only those companies have been successful who have successfully understood the characteristic preference of the majority and delivered a product which satisfies those needs better …show more content…
However, any business which is able to mould its product according to the consumer’s preferred characteristic attributes, wins.
It is important to note here that the product characteristics being talked about include only those which can be controlled or altered under the process of production. Thus, product characteristics like brand standing, after sales etc. are not being considered