Versus
In the business world, it is important to select the right choice of words. One wrong use of word can completely change the meaning of the intended message. For example, the concept of Needs vs Wants. We can easily say that needs are the necessities needed to live, and wants are items we do not have to have. When someone has wants then usually their needs are met.
Another concept which can be easily confused is Features vs Benefits. When trying to sell the features of a product or service, the customer is doing all the work to figure out why they want the features. It’s in a seller’s best interest to draw the connection for them. But to do that, the seller has to know the results. If the product was toothpaste, an example of a feature could be the mint taste. The benefit would be the end result; still using the example of toothpaste, the benefit would be that your mouth would taste fresh.
Many companies fail to achieve their branding goals because they mistake their brand for their product, service or technology. A brand is an experience that lives at the intersection of promise and expectation. The products are a way to deliver that promise. To truly stand out in the market, a product must embody the characteristics of its brand. In order to ensure that a product is preferred over those of competitors, the complete brand experience will contribute to consumer perception.
References
1. http://www.entrepreneur.com/article/34942-2
2. http://www.blackcoffee.com/blog/2010/01/18/a-product-is-not-a-brand/