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1. Explain how marketing, product development, and sales must coordinate their
activities to align a company\u2019s products with customer needs.
2. Describe the issues involved in marketing research to identify and respond to customer
3. Identify the four main elements of the marketing mix and discuss how the marketing
mix is used to differentiate a company\u2019s products.
4. Describe the issues involved in marketing research to identify the needs of different
customer groups and market segments.
5. Differentiate between the three main approaches to market segmentation.
1. An individual\u2019s decisions about what to buy, or not, depends on their needs and wants.
Maslow\u2019s Hierarchy of Need describes many of the motives that drive individual
2. What to buy, how much to spend, and when to make a purchase are driven by complex
3. Belief in the ability to earn in the future is the basis for the economic strength of our
economy, 65% of which is consumer driven sales.
The definition and nature of marketing have been changing rapidly in the last
decade. It has shifted from using mass media through national channels to reach many
customers who wouldn\u2019t be seen by salespeople.
1. Today, marketing is understood to be about persuading customers a product meets
their needs and convincing them to buy it. For instance, peopleneed foot coverings, but
2. A primary marketing task is to devise a marketing plan that will grab attention and
create a product image oridentity in a consumer\u2019s mind.
3. Marketing is much more complicated today because
(c) the growing number of products in all categories make it difficult to get
4. The new American Marketing Association definition states that \u201cmarketing is an
organizational function and set of processes for creating, communicating, and delivering
value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders.\u201d
5. It is more difficult today to identify unmet customer needs, identify the kinds of
products to fill them, and suggest how to develop new products that will satisfy them
better than competitors.
6. Product development is the set of technical, scientific, and engineering processes that
create new or improved products to better satisfy customer needs.
7. Aprototype is the first version or model of a new or redesigned product that will be
8.Sales is the development and use of methods to inform people about the value in a
company\u2019s products and to directly persuade people to buy these products because they
will satisfy their needs better than the competing products.
9. Customer relationship management (CRM) tracks customer demands for and
satisfaction with a product to develop relationships with customers and maximize value a
company can deliver to them.
10. The process linking sales, product development, and marketing together to align with
customer needs is a circular one.
Companies engage in marketing to promote their products and brands to
customers. Even the best designed products will fail without a carefully conceived and
implemented plan to persuade people to buy it and try it.
1. A company\u2019s business vision or mission is a brief, concise statement of its business
model that tells stakeholders why it is in business and how it intends to satisfy customer
needs better than competitors.
2. Its goal is to grab customers\u2019 attention and to energize employees to deliver better
1. The stages of the product life cycle are: embryonic, growth, maturity and decline.
2. Product life cycles are shorter today because technology and customer tastes are
changing more rapidly.
3. The shorter the length of a company\u2019s products\u2019 life cycles, the greater the need for
rapid innovation and marketing processes.
4.The three major steps in creating a successful business model: identifying and
responding to customer needs, identifying customer groups and choosing which segments
to compete in, and using the marketing mix to differentiate products and persuade
customers to buy them.
customer needs, the way these needs differ between customer groups, and whether or not
the products created by the marketing mix appeal to customers.
1. To begin research for a particular product, marketers must:
(c) search for ways to make a product that better suits the unmet needs.
2. Marketing research can lead to building more appealing features into a product and
help make a product different and superior to those of competitors
3. Five main methods are used by marketing and product development to align products
with customer needs: focus groups, adopt a customer-oriented business definition,
involve leading customers, become a leading provider, and reverse engineering a product.
A focus group is a collection of people brought together to share their thoughts
and feelings about a particular product and uncover how and why it does or does not
satisfy customer needs. Several sessions are needed from different groups to isolate
important issues, needs, and ideas for change.
A customer-oriented approach avoids a product-oriented approach and uses
information elicited from customers to uncover features that would delight them.
Focusing only on the existing product doesn\u2019t provide the insights needed to be
innovative and profitable.
because no product yet exists to satisfy their needs.
1. More than 60% of new products are identified this way.
2. Staying close to your customers and seeing what they do to make things work is an
important way to find ideas for improvement or new products.
3. Involving customers in design improves features and uncovers ideas that help
customize new products.
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