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Cost quality-aspiration
1.
W H I
T E P A P E R Balance of cost, quality and aspiration: A must at any price point Senior management “Principles of Marketing” course at Indian Institute of Management (IIM) Shombit Sengupta 01 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
2.
The balance of
cost, quality COST DESIGN and aspiration at any price Material cost is difficult to control because of market dynamics such as inflation. There will always be a point of any product or service bunch of competitors in any product category, but is a must for tomorrow’s material cost could be the same for everybody. How can one player overcome another? forward looking marketing. The selling price of any product or service is a big factor for target customers, whether the category is low or high priced. Cost Quality Aspiration Most people do not flaunt money without having the appropriate result from any product. Humane industrial design, is the balance of the 3 elements of cost, quality and aspiration. 02 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
3.
A strong cue
to get customer mindshare is added perceptible functional benefit. This can change the volume game. Production cost decreases when you have more volume. ID Product Design is based on the ideology of “reduce effort, increase comfort.” which obviously adds functional benefit for the user. sports shoes, ink for pen to refill ball pens, typewriter to computer, carbon copy to photocopy, cash payment to card payment among many others. The pulley system is an ideal metaphor of reduce effort, increase comfort, which in But usage superiority is not a matter of customer usage experience, automation or scientific lab work; rather it is about understanding the consumer in the changes the paradigm. psychological lab. The unsaid aspect in any product usage Excellence of functionality is the crux in the is the microtone functional improvement evolution of ID Product Design. parameters that customers perceive. Examples that effectively display functional That’s why, to understand gaps in excellence ranges from the steam engine functionality, we need the combined to TGV, propeller planes to supersonic physiological and psychological balance Concorde, basic canvas keds to Nike of consumers. 03 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
4.
Humane industrial design
is discovering the unique functionality that customers care to use, such as an air bag in a car. The consumer’s mind always moves towards 2 baskets, the generic or unique. An analogy for the unique find is the gold micro particles mixed with sand or hidden in rock, while something very easily found is the generic. Generic In any price segment, whether it is high or low, if the functional superiority is obvious and universal, it would mean volume sales Unique will grow. This would automatically bring down the cost of production. 04 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
5.
QUALITY DESIGN: It’s no
longer true that only A product should visibly reflect its sophisticated, expensive products will quality in the customer’s hand. This will have quality. encourage the customer’s confidence as the quality of the product’s hidden Customers get multiple options in the mechanism cannot be seen at the market today where both quality and moment of purchase or during usage. reasonable cost meet their expectation. People discover its intrinsic quality with In buying Chinese products customers the passage of time. don’t expect quality beyond a certain limit as they think they are gaining in The proven example of how better price advantage. the manufacturer has never compromised on quality is A branded mass product has to assure the $ 30 Swatch watch which unconditional quality during its durable usage cycle. Otherwise the customer has never failed in any quality gets placed in a trade off situation parameter. And Swatch is no between a Chinese product and a well less in aspiration than any other known branded product. costly watch. Rado Tag Heuer Swatch $ 30 Rolex $ 7000 $ 4000 $ 10000 05 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
6.
ASPIRATIONAL DESIGN
People’s aspiration Aspiration is an important element for sales growth. Once upon a time, it was the level shot up aspiration of royalty or feudal lords that decided on functionality excellence. significantly after World War II. The free economy is a key driver for the growth of aspiration. The growth of industry and globalization led to an obsession for mass production to have Feudal Lord When democracy came, the economic control over the global level of people rose, and product functionality became a factor for multiple market. From the societies to express through their purchase behaviour. This was the value game, it became beginning of the creation of the mass market. the numbers game. Car ownership limited to only rich People’s car “Volkswagen” in mass people before World War II production unit after World War II 06 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
7.
How can we
bring this aspiration to every price point through humane industrial design? Even seemingly irrelevant distribution logistics system can totally destroy the business result of humane industrial design products. See how Swatch customises its store according to the locality. Swatch store in Time Square, New York Swatch in Soho, New York Here aspiration can be transcended from multiple areas such as functionality beyond expectation, high order intensity in user friendliness, touch and feel of the product, in aesthetics which amount to high craftsmanship and the skill of art in business. 07 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
8.
If you only
think of business, art will escape you; and with art alone you will not make business. You require the finesse of art that drives business through design. A technical tool makes only a stereo typed An artistic tool for thinking of humane industrial industrial design product design can create high volume products So design that sells a product has 3 components: • Cost design with uncommon functional superiority • Quality design at any price point • Aspirational design at any price point But the perfection of these 3 designs depends on © Copyright of all logos and images belong to the respective Cos. marketing design, in how, and in what context, you sell the product. Shining Consulting Pvt., Ltd. 17, Visveswariya Industrial Area, Tel : 91-80-4127 6999 / 81 Mahadevapura 2nd Stage, Fax : 91-80-4127 6990 Bengaluru - 560 048, India. Email: shining@shiningconsulting.com www.shiningconsulting.com 08 ©Shining Consulting: www.shiningconsulting.com +91-80-4127 6999
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