Most of the time customers decide their purchase of any goods or services based on its value. So companies try to improve their products quality, service, price, etc to increase their products value.
This is all carried out using a systematic and orderly method with innovation and creativity to improve this value.
The value of such items depend up how well the product or service performs upon its cost.
Value = Performance/ Cost
Thus a product or service should either try to increase its performance or reduce its cost to increase the value.
This analysis process is divided into six steps:
6) Implementing and Monitoring