Product Research and Developing a Viable Offering: Understanding Customer Desires
Market Needs and Wants
• Customers have both needs and wants that drive their purchasing decisions
• Needs are basic requirements for a product or service, while wants are additional
features or qualities that customers desire
• Understanding these needs and wants is crucial for developing a viable product offering
Product Variants: Successful Companies and their Offerings
• Successful companies often offer multiple product variants to appeal to a wider range
of customer needs and wants
• These variants can include different features, price points, or target markets
• By studying these examples, we can learn how to create effective product variants for
our own offerings
Market Darwinism: The Evolution of Customer Preferences
• Customer preferences and demands are constantly evolving
• Companies must be able to adapt to these changes in order to remain competitive
• Regularly assessing market trends and shifts in consumer behavior is essential to keep
up with these changes
Marketing Environmental Scan: Identifying Opportunities
• A marketing environmental scan involves analyzing external factors that can impact a
business's success
• This includes social, economic, technological, and political trends
• Identifying opportunities within this external environment can help a company develop a
viable and competitive product offering
Product Research
• Conducting thorough product research is essential for understanding customer needs
and wants
• This can include methods such as surveys, focus groups, and product testing
• The goal is to gather as much information as possible about potential customers and
their desired features and qualities
Developing a Viable Offering
• Based on the results of product research, a company can begin to develop a viable
product offering
Market Needs and Wants
• Customers have both needs and wants that drive their purchasing decisions
• Needs are basic requirements for a product or service, while wants are additional
features or qualities that customers desire
• Understanding these needs and wants is crucial for developing a viable product offering
Product Variants: Successful Companies and their Offerings
• Successful companies often offer multiple product variants to appeal to a wider range
of customer needs and wants
• These variants can include different features, price points, or target markets
• By studying these examples, we can learn how to create effective product variants for
our own offerings
Market Darwinism: The Evolution of Customer Preferences
• Customer preferences and demands are constantly evolving
• Companies must be able to adapt to these changes in order to remain competitive
• Regularly assessing market trends and shifts in consumer behavior is essential to keep
up with these changes
Marketing Environmental Scan: Identifying Opportunities
• A marketing environmental scan involves analyzing external factors that can impact a
business's success
• This includes social, economic, technological, and political trends
• Identifying opportunities within this external environment can help a company develop a
viable and competitive product offering
Product Research
• Conducting thorough product research is essential for understanding customer needs
and wants
• This can include methods such as surveys, focus groups, and product testing
• The goal is to gather as much information as possible about potential customers and
their desired features and qualities
Developing a Viable Offering
• Based on the results of product research, a company can begin to develop a viable
product offering
