Successful companies develop strategies for marketing their products. The strategic plan guides the marketer in making many of the detailed decisions about the attributes of the product, its pricing, distribution, and promotional activities.

A clear understanding of the foundations of marketing is essential in formulating a strategy and in the development of a specific marketing plan. To guide you in relating the information in this chapter to the development of your marketing plan, consider the following:

1. Discuss how the marketing concept contributes to a company’s long-term success.

2. Describe the level of market orientation that currently exists in your company. How will a market orientation contribute to the success of your new product?

3. What benefits will your product provide to the customer? How will these benefits play a role in determining the customer value of your product?