[1] - The process of business begins with a product idea or service that has a combination of attributes or benefits that the consumer perceives as the value proposition. Consumers measure or compare the value proposition of similar products to arrive at a buying decision.

[2] - Once the product or service has been designed, factors of production become increasingly important. The factors of production are cost, quality, and time, and these factors can be applied to both product and service businesses.

[3] - We market the value proposition to consumers by looking at the fit, form, and function of the product or service. Fit means that it is the right product or service for the intended application. Form describes the physical shape of a product, or in the case of a service, it is the presentation. Function is the way in which the product or service performs.

[4] - Brand awareness can be described as the identity and image of a product or service. Identity simply means whether or not consumers know your product is available and image is how consumers feel about your product or service once they know that it is available. The practice of branding a product requires the use of, and leverage from, web media, print media, radio and television.

[5] - Co-Branding is the use of a strategic partner who has an established a significant market presence or brand awareness. An example of this is the relationship between Starbucks Coffee and major grocery chains such as Safeway Stores.

[6] - Competitor analysis provides information on market share, pricing and channel strategy, features, and the value proposition of competing products and services. It is necessary to know who your competition is and their market position and how they feel and comment about your company, products, and services.

[7] - Pricing is an art not an exact science and requires the careful balance of knowing the value proposition of your products and that of competing products. Benchmarking the price/performance of your product or service relative to competing products in a comparative analysis provides information on the best range of prices to achieve and compete for market share.

[8] - The training and use of Value Added Resellers and sales reps will increase the market penetration of your product. A benefit of having third-party relationships across regional, national and international geographies aids your business in market penetration.
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