Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make purchase decisions based on perceived benefits. Sometimes translating desired benefits to product design, features, and overall product strategy can be challenging for marketers. Define the word “product” as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful. Cite your examples.
2. In the world of marketing, two specific environments exist: business-to-business (B2B) and business-to-consumer (B2C). What are the two primary differences in these environments? Give an example of a company engaged in each environment and describe the primary product being marketed in each. What is the environment of the marketing simulation in which you are participating?