Product Features. A product can be offered with varying features. A stripped-down model, one without any extras, is the starting point. The company can create higher-level models by adding more features. Features are a competitive tool for differentiating the company’s product from competitors’ products.Being the first producer to introduce a valued new feature
is one of the most effective ways to compete.How can a company identify new features and decide which ones to add to its product? It should periodically survey buyers who have used the product and ask these questions:How do you like the product? Which specific features of the product do you like most? Which features could we add to improve the product?
The answers to these questions provide the company with a rich list of feature ideas. The company can then assess each feature’s value to customers versus its cost to the company. Features that customers value highly in relation to costs should be added.