Five principles for focusing on products

Customers who want to be acquainted with a corporate brand should get to know the company's products first. Without products, a company would have no platform to communicate with customers; without products, an enterprise may struggle to survive in the market. If a company makes no efforts on its products, it may lack market competitiveness.

Therefore, focusing on products is the first step in enhancing their competitiveness. Concentrating on products requires us to pay attention to the following five principles.

Provide vitality to the product

In his study of typical Asian multinationals, Michael Porter was shocked to find that Asian entrepreneurs ran companies for business rather than for creating new products and services. But an entrepreneur who is unable to conceive of designing new products is unlikely to be able to develop a business.

Companies should inject vitality into the product.

What does it mean to provide vitality to the product? Let's take an example of three types of cups that people may consider buying. The first is very clean looking and high quality, making people want to buy it when they see it. The second possesses a beautiful, unique design that you may want to make a difference in your life by buying. The third owns a particular function that guards your health. When provided with vitality, an ordinary cup can help its manufacturer become more competitive in the market.

Products have a life of their own. If a company cannot develop its products to the fullest extent and give them rich content, it may fail to fulfill its function.

There is an interdependent relationship between the company and the product. The product is the means of survival for the enterprise, and the enterprise is the creator of the product's life. Only by bringing the product to life can the company gain the power to survive independently in the market.

A model for companies to enhance their competitiveness by improving quality and quantity

Products have two attributes: functionality and emotionality. Functionality corresponds to the quality of the product, and emotionality corresponds to the quantity of the product. Quality and quantity are two concepts; quality is the criterion of functionality, and quantity is the criterion of emotionality. Therefore, any product should enhance its competitiveness by improving quality and quantity.

Many companies tend to ignore the emotional function of their products, but people no longer buy products for the sake of outcomes but for their emotions and expectations. Customers reflect their ideas, expectations, and even dreams onto the products, hoping to use them to express themselves and vent their feelings.

This is the case with Swiss watches. The famous watch brands that have been created in Switzerland are not a scale of time, but a symbol of depth, commitment, precision, and elegance. When wearing one of these Swiss watches on the wrist, it is no longer time that is on the customer's mind but commitment and confidence. The traditional watch industry, with its pursuits, is increasingly glowing with the light of the times and holds the value of eternity.

Companies must focus on emotional functions and never stop innovating. It is important to find everything that allows the customer to experience advancement.

Consumer-focused product design principles

People are the ultimate consumers of a product. If a company only studies the market and develops a product without considering the needs of the consumer, then that product may be unattractive to the consumer.

• Lee Kun-hee's product vision

He emphasized the importance of human-centered design. He believes that the previous remote control designs for Samsung appliances were too complex, as the technicians did not consider users' convenience. He proposed to design remote controls that are easy to hold in hand, with only start and shut-off functions, and are simple to operate. This detail reflects the humanistic design concept of Samsung products.

• Steve Jobs' product vision

"If you were a carpenter who was making a beautiful wardrobe, you wouldn't use plywood on the back, even if it was towards the wall and no one saw it. But you knew it in your mind. So you would still use a nice piece of wood on the back. In order to be able to sleep soundly at night, beauty and quality of products must be maintained throughout." This is at the heart of what makes Apple products so miraculous and so worthwhile to learn from.

• "The customer is right" business principle of Walmart

Walmart has made a series of innovations to achieve its business principle. It has led to the transformation of the entire department store industry. Whether it was open-shelf sales, 24-hour operations, chain operations, warehouse sales, or the introduction of membership shops and global positioning systems, customers were provided with quality goods at low prices. This move has also led to the boom and growth of the worldwide department store industry.

The real focus on the continued success of a business is not the company's strategic goals or the process of development and strategy but the ability to focus on creating value for the customer. This capability is directly reflected in the company's products.

The product is the interpretation of the corporate philosophy

In the era of technological homogenization, products need to reflect the company's philosophy and the values of its leaders. I prefer the Starlight Group in Hong Kong, a printing company whose leaders insist on "eight no-prints", never compromising social values for commercial interests. When you glance at Starlight's products, you can feel the sense of social responsibility of the company's leaders.

You can distinguish different brands by the corporate philosophy reflected in their products. Some people prefer Mercedes because it means success and stability, while others prefer BMW because it means success and youth. Each of these distinctions results from the product's interpretation of the company's philosophy.

A company's philosophy is not only interpreted by its concept but also by its products. When a company's products do not explain its philosophy, it may fail to impress customers.

Expressing appreciation for the products of counterparts is a source of innovation

Samsung has always encouraged colleagues in the company to use other brands of appliances to take advantage of the strengths of others. Keeping up to date with the times and learning from the best of others is another advantage that Samsung offers in developing and improving its products. In contrast, many of our companies explicitly state that employees have to use their products; perhaps this is why they are lagging behind the leading companies.

While learning from the products of our counterparts, the company then holds its products to a higher standard. It is through understanding others that we can understand ourselves better. This statement has to products as well. Only when one fully understands the products of one's counterparts can one fully understand one's products. This ability to appreciate the learning of one's companions is one of the sources of innovation.

On the contrary, if a company only focuses on its products, it can fail to appreciate the products, and it may also fail to gain the source of innovation, which in turn makes the company's employees distant from the market and customers. Therefore, I believe that the company's employees should be encouraged to use the products of their Opponent companies and experience the differences between their products and their own, which aims to seek breakthroughs.