Monday, May 26, 2014

What makes a great product?

So have you ever thought why do you buy a certain product ,whereas the other one gets unnoticed or in other words what makes a great product. Great product has three features intricately linked to it

1)Transaction Cost
2)Attributes
3) Benefit

Under Transaction cost one should aim to reduce search cost,for e.g. reviews on Amazon helps to zero down on a product and thus reduces search cost. Second a product should adapt to the changing needs and interact differently every time a user interacts with it.

Under Attributes customer looks for a product which is customizable(for eg. online fashion stores) according to the needs of the customer, has new functionality and has a better connectivity with the current ecosystem(eg. apple products). These attributes and transaction cost accrue benefits for the product

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