Melrose, the chief executive, knows that Toro must broaden its product base to protect itself from seasonal changes. Explain the difference between a product and a value package. To satisfy consumers, marketers must learn to listen better and to adapt constantly to changing market demands. Customer wants and needs must be constantly monitored because these needs change over time.
Product development is key in any business.
The basic product may be a physical good or service. When people buy a product, they evaluate and compare value packages on all dimensions. The value package as perceived by the consumer is much more than the product itself. Often a high price indicates exceptional quality. A guarantee of satisfaction can increase the product's value in the mind of consumers.