Product
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In The Personal MBA a product is defined to be one of the Twelve standard Forms of Value (Form of Value #1 of 12)
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?
