This means that the focus should be on what the new product will BENEFIT THEM rather than simply what they want.
Business researchers, want a situation where customers and suppliers are involved in the product development process. This is done to enlighten them on the benefits of the new product to them both financially and in solving the need of consumers.
The answer to this question is the term prices. Prices are the value of a certain product or services. A price is the value or amount of money being paid in exchange of the product being bought. In pricing a product or service, a markup is being set to the price.
There are two basic marketing strategies that firms can use:
competitive pricing: setting a very competitive price in the market, but is not feasible in this case due to higher costs.
product differentiation: offering differentiated products that best suit the needs of the company's customers. Since differentiated products are perceived as higher quality, a higher price can be charged.
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. ... Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity
Scarcity dictates that economic decisions must be made regularly in order to manage the availability of resources to meet human needs. Some examples of scarcity include: The gasoline shortage in the 1970's. ... Coal is used to create energy; the limited amount of this resource that can be mined is an example of scarcity.