“Form of Value #1: Product”

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What is a “Product”? (Form of Value #1 of 12)

“Business is not financial science… it’s about creating a product or service so good that people will pay for it.” — Anita Roddick, entrepreneur and founder of The Body Shop

Key Points:

• Product-oriented businesses need you to:
  
  
  
  • Create something tangible that people want.
  • Produce it as inexpensively as possible while also having an acceptable quality.
  • Sell as many units as possible, at the highest price possible for the market.
  • Keep an inventory to deal with future orders.
• There are many kinds of products, like durable products, or consumable products, or even not physical products (think MP3).
• Products can be duplicated, multiplied, and therefore they scale better than other forms of value.

Questions for Consideration:

• Does delivering value as a product make sense for your business idea?
• If so, what do you need to plan for to make it successful?

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