What Is The Importance Of Knowing The Products You Are Selling?

What is the importance of products?

It’s reasonable to surmise that a product is anything tangible or intangible which in most cases a consumer is willing to pay money for.

The product brings us back to the basics of marketing.

It’s a company’s revenue stream and lifeblood.

The product satisfies a consumer’s need and/or want..

What is the importance of price?

Pricing is important since it defines the value that your product are worth for you to make and for your customers to use. It is the tangible price point to let customers know whether it is worth their time and investment.

What are the risks of product development?

Risks Associated with Product DevelopmentRisk of major delays and economic costs due to belief that high utilization of resources improves performance. … Increasing costs as a result of processing work in large batches. … Risk of losing opportunities by “sticking” to a single development plan. … Risk of starting a product development task too soon.More items…

What are common services?

Common Service means a covered service that is ancillary to the provision of one or more of entry services, exit services and network use of system services that ensures the reliability of a network or otherwise provides benefits to users of the network, the costs of which cannot reasonably be allocated to one or more …

What is product knowledge and why is it important?

Product knowledge is an essential sales skill. Understanding your products’ features allows you to present their benefits accurately and persuasively. Customers respond to enthusiastic sales staff who are passionate about their products and eager to share the benefits with them.

What are examples of features?

The definition of a feature is a part of the face, a quality, a special attraction, article or a major film showing in the theatre. An example of feature is a nose. An example of feature is freckles. An example of feature is a guest speaker at an event.

What is an example of a good?

The definition of good is someone or something that is efficient, useful, healthy, strong, happy or skilled. An example of good is a washing machine that cleans clothes well and doesn’t use much water. An example of good is a productive employee. An example of good is 20/20 vision.

What are services give example?

According to BusinessDictionary.com, services are: “Intangible products such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation.”

What’s the meaning of features?

1a : the structure, form, or appearance especially of a person a man of large feature. b obsolete : physical beauty. 2a : the makeup or appearance of the face or its parts stern of feature even when he smiled. b : a part of the face : lineament a person with Asian features.

Why are product features important?

Features can communicate the capability of a product or service. But features are only valuable if customers see those particular features as valuable. … It’s important to remember that customers buy products and services because they want to solve a problem or meet a need.

What are two services examples?

The following are common examples of service businesses.Information Technology. Offering technology platforms, software applications and systems as a service with a monthly recurring or usage-based fee.Education. … Consulting. … Transportation. … Events. … Entertainment. … Media. … Infrastructure.More items…•

Why do we need service?

Customer service is importance to your business because it’s retains customers and extracts more value from them. By providing top-notch customer service, businesses recoup customer acquisition costs and cultivate a loyal following that refers customers, serves as case studies, and provides testimonials and reviews.

What are the features of products?

Product features are discrete areas of new and upgraded functionality that deliver value to your customers. You can think of these as little gifts. Broadly, features can refer to capabilities, components, user interface (UI) design, and performance upgrades.

Why are products and services important?

This is important in order to maintain a sale and prevent the customer from leaving. It also builds trust, creates added value for the customer, and ensures customer satisfaction. Overall, knowing your products and services is a vital component of successful sales and customer service.