Competitors enter the market with their version of the product/service Sales increase on par with profits and production costs decrease. Revenues are still low, but they are going to grow exponentially in the next phase Introduction: the offering is promoted and consumers become aware of its existence. The core need and benefit is the main reason why a consumer should buy the product and represents the fundamental need or want to satisfy.ĭevelopment: companies develop new products and services all the time, but only a small percentage reaches the market after the validation stage ![]() ![]() Examples of variables can be the product’s quality, brand, design, packaging, characteristics. In this case, it’s called minimum viable product (MVP): a simple version with just enough features to satisfy early consumers and provide feedback for future improvements. This element is fundamental for startups, because in their early stages they must generate profit as soon as possible and might not have time or resources to develop a full and accessorized product. The actual (or generic) product is the basic item with essential features. It changes according to each individual’s perception ![]() The expected product represents the benefits and features the consumer expects. The augmented product represents all the additional services and goods like installation, complementary products, after-sales or customer service, warranty, shipping, credits… It includes all the upgrades and modifications that a business can make to increase its life The potential product is what the product can become in the future.
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