In the business sense, a product refers to a commodity available for purchase, encompassing both services and tangible or intangible items. It may exist in physical, virtual, or cyber forms. Every product involves production costs and is subsequently marketed at a specific price (The Economic Times, 2019). Successful products have some qualities in common. These qualities include whether the product is easy to use; its scalability, meaning it is economically viable and is more valuable and costly for the user; whether the product is easy to explain to a potential user; and finally, the impact the product has on the market and culture. Does this product add perpetual value to the world, and would it be missed if it were to suddenly disappear (Rodriguez-Ramos, 2020)? When considering the success or failure of a product, an appropriate example would be the comparison of DVDs and laser discs. Due to the advancements in DVD compression techniques at the time, DVDs had a higher data storage capacity, reducing the need to switch sides during a movie playback. In comparison, laser disc players tended to generate more noise than DVD players and were susceptible to a phenomenon known as "laser rot," wherein the aluminum surface oxidizes, leading to a decline in disc quality. Improved manufacturing processes for DVDs have significantly mitigated this issue, making them less prone to such deterioration. Consequently, with the increasing prevalence of DVDs, finding laser discs has become increasingly challenging (How DVDs Work, 2000). Overall, when comparing the two products, DVDs were more user friendly, cost effective, and more culturally impactfulthan laser discs, causing the former to thrive and the latter to fail.

References

How DVDs Work. (2000, October 25). HowStuffWorks. https://electronics.howstuffworks.com/dvd6.htm#:~:text=Because%20of%20DVD%20compression%20techniques

 

Rodriguez-Ramos, J. (2020, May 25). What Qualities Make a Product Great? Mind the Product. https://www.mindtheproduct.com/what-qualities-make-a-product-great/ 

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