Product is the total package of benefits (not just features of products) the customer receives when they buy. It is important for R&D staffs to understand that an industry is a customer-satisfying process instead of a goods-producing process. New product development should be market-driven and customer-focused. It will meet customer needs or creat new customers and markets.
Marketing is about satisfying customer needs and wants. According to its definition, marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It normally includes assessing the market (marketing strategy and marketing plan, SWOT analysis), understanding the market (consumer behavior), and targeting the market (segmentation, targeting, and positioning); creating value (product and service), capturing value (price), delivering value (place and supply chain and channel), and communicating value (promotion, advertising, public relations, customer relationship management). Developing new products is usually a charpter in marketing-related books.
Marketing plays a major role in developing a successful product. So marketing knowledge is very necessary to be learned for a R&D staff when starting a product development. Basic principles of marketing can be studied with the classic book Marketing Management by Philip Kotler. There is a good youtube playlist for marketing.
Marketing is about satisfying customer needs and wants. According to its definition, marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It normally includes assessing the market (marketing strategy and marketing plan, SWOT analysis), understanding the market (consumer behavior), and targeting the market (segmentation, targeting, and positioning); creating value (product and service), capturing value (price), delivering value (place and supply chain and channel), and communicating value (promotion, advertising, public relations, customer relationship management). Developing new products is usually a charpter in marketing-related books.
Marketing plays a major role in developing a successful product. So marketing knowledge is very necessary to be learned for a R&D staff when starting a product development. Basic principles of marketing can be studied with the classic book Marketing Management by Philip Kotler. There is a good youtube playlist for marketing.
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