How to recognize a "good" product.

How do you recognize a “good” product?

• A “good” product helps the company get known and accepted in the marketplace so it can move up the food chain later on. Netscape’s web browser is an example.

• A good product gives customers the capability to do more than they need to do at the moment. Delivering more value than customers expect creates product loyalty and increases the chances of creating a truly “hot” product.

• A good product ensures that the company is first to market with something that boosts distinctiveness was well as improving functionality.

• A good product incorporates correct assumptions about market readiness. Set realistic goals - don’t make the product a loser by aiming for unreasonably high sales.

• A good product reduces the ease with which competitors can copy the innovation.

• A good product neutralizes a competitor’s advantage.

• A good product supports a price premium.

• A good product grows in revenue by at least XX % a year.

• A good product has a return on equity greater than XX %.

• A good product exploits the company’s core technologies.

• A good product is faster ... cheaper ... closer ... friendlier. As Loretta Lynn says, “You have to be first, better or different.”

• A good product leverages your business partner’s capabilities.

• A good product contributes to your customers' success.

• A good product builds market share quickly.

• A good product creates a new platform of capability by using cross-functional processes for competitive advantage.

Rubbermaid asks these three questions:

- Who is your customer?
- What relevant service are you providing for them?
- Which of our business strategies are you satisfying?