What is a product?
A good or a service … or both
A product has a cost and scarcity
A product has a value expressed in willingness to pay
What 3 types of POV has product?
Supply: Designing a product, scaling the production of the product
Demand: value: product and characteristics
Market: Matching, information, price
Explain the difference between Standardization, Differentiation and Personalization.
Standardization: Means the capability to design, produce and offer products with homogenous characteristics
Differentiation: Means the capability to design, produce and offer products with heterogenous characteristics for (predefined) target clients
Personalization: Means the capability to design, produce and offer products with heterogenous characteristics for each individual
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