Advertising adds value to a product by changing our perception of it. An example I love that is not mentioned in the book: for years, few people bought “death insurance.” Then some genius changed the name to life insurance and grew the industry by many billions of dollars. After all, life insurance sounds so much better than death insurance.
I look at product as an act of, how does this get communicated through the distribution channel we need to use. Said another way: if this product doesn't make a pretty compelling social ad -> we ain't doing it.