Evolving Consumer Behavior: Changing demographics,

preferences, and lifestyles have led to shifts in consumer behavior.

Technological Innovation: Rapid advancements in technology,

including artificial intelligence, automation, and the Internet of
Things (IoT).

1.1. An offering will be successful if it delivers value and satisfaction

to the target buyer. Distinguish between the concepts of value
and satisfaction.

Value refers to the perceived benefits that a product or service

provides relative to its cost.It's about what the customer gains and
whether it justifies the price paid. For example, a smartphone
with advanced features, durability, and a reasonable price is likely
to be perceived as offering high value.

satisfaction is the customer's subjective evaluation of whether the

product or service met or exceeded their expectations.

1.2. Assume that one of your friends who owns a fashion brand, has
decided to build her business around the product concept. If that
approach is taken, what will be her main areas of concentration
as she builds the business?

Product Design and Innovation:

Quality and Materials
Brand Image and Positioning
Packaging and Presentation
Supply Chain Management