What is the importance of differentiating and innovating the product?

Perception = motivation.

We move towards that which we perceive is good for us, and move away from that which we think is not good for us.

Here is an example.

Let's say you won a 10 million dollars in the lottery. Today, you are going to buy a sexy sports car. Would you buy a sports car from, say, Toyota, or would you rather buy the Ferrari?

8 out of 10 would choose the Ferrari. Why?

Perception. Everyone thinks that when it comes to sports cars, Ferrari trumps the Toyota sports car any single day. The Ferrari is more expensive, but you are paying for perceived quality, and the 'ooohs' and 'aaahs' that you are going to get everytime you drive that piece of beauty.

You did not buy that Toyota sports car because you thought it will not do you any good.


* My reply -- What is the importance of differentiating and innovating the product? - Yahoo! Answers

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