Build Value

I've never forgotten that message that I learned from an Attorney (strange that it came from an Attorney).

Customers don't buy products - they buy the satisfaction of a want or need... in other words they are buying value.

The key to creating value is clearly understanding the customer problem (want) and then satisfying that.

You shouldn't confuse value with quality. It is possible to build a "quality" product that no one will buy because it doesn't solve the customers satisfaction problem or need...

Management should never define the product themselves - they will invariably get it wrong. Go and talk to the customer first and then you will be on the right path. (Make sure you talk to a lot of them)