A trait or attribute that provides value to end-users and classifies a product to the market is product features. A device’s battery life can be termed a feature. In the same way, a suitcase’s fabric or other qualities can change.
A product feature might comprise any of the Product’s capabilities, functionalities, and visual attributes. In other words, a product feature’s primary characteristic should be its power to offer value or advantage to the end-users. There are numerous points of view on this, but product features can play a significant part in the product roadmap if those capabilities meet specific requirements.
Product features are the traits or attributes of a product that define it and make the item attractive. A product is something that buyers love enough to pay out for. Consumers spend for a product, tool, place, or service if it meets their needs. Contrast this to a feature, which is an individual component of a product. It is one factor that convinces customers to pay for the service.
The Distinction Between Features and Products
However, while distinguishing features and products may look clear, it is not always the case. The dispute over the differences between the two has been going on for a long time, still existing. Some people have trouble distinguishing between product management and product development. Some people have difficulty distinguishing between product management and product development.
Difference Between a Benefit and a Feature
Benefits and Features are interconnected, although they differ in some respects. Product or service features might be considered an integral part of the whole. The customer’s favorable response to a product can be referred to as the Product’s benefit. When it comes to the jeans a customer bought last week, they all have the same fabric, style, and button inserted into the waist. Because of these reasons, he did not buy it. Instead, he bought it because it was comfortable and had a good amount of stretch.
Marketing management offers the essentials of a product’s qualities and benefits. An example of marketing management is the technique a firm employs when it adds a feature to a product to attract more customers.
How Should Product Managers Prioritize Product Features?
Slow and planned marketing is superior to a quick and unprepared campaign. An inadequate grasp of product features has contributed to the failure of many businesses. Product characteristics must be prioritized before entering the marketplace. Here are a few ways to prioritize a feature based on distinct ideas:
- The first step is to categorize into themes, so there is no space for uncertainty when deciding which one to use.
- Discuss feasibility, attractiveness, and viability with team members.
- Use the Impact/Work matrix to identify the most compelling feature requiring the least effort.
- When a simple grid approach becomes ineffective, the RICE method comes in handy because it includes the four aspects of reach, impact, confidence, and effort.
- Alternatively, one might use the Priority Scoring by Custom Criteria technique to retrieve the score.
- Prioritizing characteristics utilizing the Kano technique includes- performance requirements, attractive requirements, and physical needs.
- It is also good to prioritize it based on people, money, process, and time restrictions.
A company can end by saying that a list of product features is necessary to fascinate the user. Examples of product benefits and features for an oven include self-cleaning, heating bins that may be used to keep food warm while cooking, smooth stovetops, cost, safety, and convenience of use. Customers or users will be better served by prioritizing and defining features in the marketing strategy. Moreover, it is vital to have a well-thought-out plan in place when defining a product.