A firm must determine the characteristics of products and services that are of
most value to customers. This understanding of customer wants and needs can
then be used to determine how the firm will compete in its selected markets.
Customers have a perception of which product and service characteristics are
required and which distinguish one organization's offering from those of
competitors. Customer priorities change from one market segment to another and
within a market segment over time. Customer wants, needs, and priorities must
be understood and addressed. The organization must implement processes to
recognize and respond to the changes in the marketplace.
After completing this course, you should be able to:
Explain value from the perspective of the customer.
Discuss the concept of order qualifying and order winning criteria.
Match forms of competitive advantage to specific market segments.
Recognize the need for and elements of a marketing strategy.