Get the basics right, that’ll support higher prices
Functional benefits derive from product and service specification and are usually performance attributes. Examples would be power, speed, purity, absorption rate, longevity, durability, reliability, resale value, machine efficiency, labour-saving advantages. The task is to identify functional benefits that are capable of differentiating a product or service. These functional benefits must be meaningful to customers. Patent protection or superior design capability is needed to provide a continuing advantage. Nike stays ahead by working with leading athletes in the sports where it aims to excel.
Conventional wisdom suggests that major functional benefits are ‘table stakes’ in many mature businesses ...
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