2. Value for Money If a company is doing well, (they have efficient , effective and good outcomes on a regular basis) their economy starts to get better. Their stocks will rise in value, because of the amount of money the company is making. The value for the money that they are making is determined by comparing the input costs with the output costs going on within the company. If they compare well, the money that the company makes will have more value. On the other hand, if they compare badly (the input costs are higher than the output costs.) the value for money that the company is making, and also the company itself will decrees. A good example of something which can lose value through money is a house. A house has a certain value when people either buy or rent the house. This value of money can be taken out of the house and spend on other matters. If there is no money left in the house; the house has become totally worthless, though it is still in the same condition as when it was bought.
3. Comparing Prize with Value If a company is doing well, they might be able to raise the overall prizes on the product they are selling. This is because the company is doing is well economically. Apple would be an example of this kind of matter. They are selling their products world-wide for the same set prize in authorized stores only. Some of these prizes are too high for the product’s actual estimated value, but because of the popularity of Apple’s products; people will still purchase them. Apple’s status and has risen a great deal. Because of this Apple are able to put together products with parts, which other products also contain, give it a tacky name and Sell it to people for a ridiculous prize. They have very sufficient incomes, and do not have to worry about their Outcomes as much as other companies might have to.
4. The consumers Needs When a consumer wants a product, there are certain guidelines and specification points they follow. No one goes out and buys a product that they have absolutely need for, unless they have the money to do so. When consumers think about the next product they want to buy, they do not always look at what they need to most. Sometimes it is what attracts the most that ends up being the initial product bought. Using Apple’s product as an example again; this is a company who really know how to attract the consumer. The design in Apple’s products are very unique and we can tell that Apple spend a lot of time considering the aesthetic properties of the product. If a company is poor at advertising; unless the consumer knows exactly what they want within their products, they will not earn a lot of profit. Consumers are fooled and tricked all the time by advertisements making us go out to buy a product we have absolutely no use for. Companies now a days need to consider the amount of time their product has to function and be useful to consumers. This is important because it determines in the companies income.
5. The Priorities of the Criteria Depending on what product we are discussing; different priorities will be set on the specification points and criteria on a product. If we use Apple’s products as an example again; they spend a lot of time considering aesthetics needs of the consumers and products. For a lot of people; the design on both the inside and the outside is what attracts in the Apple computers and other products. Looking at other products, such as a chainsaw, consumers will not be looking at the aesthetics of it, but rather the properties of it. All products have area that are more focused upon within the specification which will determine in the outcome and the sale of it.
6. Quality guidelines within a Product As consumers we all go straight to the brands with good names and high statuses, because we know (or sometimes think) that they can assure us certain qualities within their products. It is very important for companies to able to assure us these qualities, or else we will not feel safe about purchasing their products. Companies need, not only to evaluate their product, but also how they are going to advertise it and ensure that we get what we need for our money in the purchase. As consumers we will always chose what we believe to be the best product for us. The companies manufacturing these products need to make sure of how they are going to prove to us that choosing their specific product will be the best choice for us.
7. The Consumers Role within Product Evaluation Looking at the results of previous product for how the consumer acted is very important when designing a new product. The designers will have to look at what the consumer did not like about the product and remove it. This is why most products change all the time, within short amounts of time. This is because change is needed to attract the consumer. An example of a product that through out 2 generations of it’s life did not change at all on the outside design. The iPod Classic, designed by Apple. The product was so well met by the consumers that there was no need to change the look of it. This happens very rarely as there almost always can be said something negative about a product. I myself could though not find anything negative to say about this particular product.
8. The Media and Education’s Effect on the Product Evaluation The media has a great influence on the evaluation of a company’s product. They have to consider in great debt the way they are going to communicate to us that we need their product. They also have to look at other companies’ products and observe the kind of response they are getting and what kind of image the media gives their product. The companies have to consider very carefully the obsolescence properties of their product and how they are going to introduce it. There are constantly new products arriving every month on all markets and if the company does not consider the life time, input prize, and features of their Product; it might be overlooked too much for them make profit from it. Today, there are so many different products out there to chose from, and through Education; people learn how everything interacts and what to chose. Therefore; it is, again, vital for companies to introduce their products in a smart way which will get the attention of the consumers.
