Final answer:
Marketers need to identify the core customer value when developing products, then design the actual product, considering both tangible and intangible aspects to enhance the experience and differentiate the brand in the consumer's mind while addressing the needs of all stakeholders.
Step-by-step explanation:
When developing products, identifying the core customer value is crucial, as it is the essential benefit or solution that consumers seek. Marketers must then design the actual product with this value in mind and consider ways to augment the product to enhance the customer experience and satisfaction.
This development process involves not only customer preferences but also the needs of various stakeholders such as agencies, repair services, and suppliers, ensuring compliance and smooth operation of the product life cycle. It is also important to factor in how consumer tastes may change over time and under different life circumstances.
In addition to the tangible aspects, intangible aspects such as guarantees, high-quality reputation, and services like free delivery can critically differentiate a product, aiding in brand loyalty and preference. This differentiation often takes place in the consumer's mind, influenced by factors such as advertising and past experiences.
Whether designing storefront displays to elicit emotional responses or ensuring the product fits into the future lifestyle of the consumer, these considerations are integral to achieving monetary success and providing better products in the market, leading to competitive pricing and more options for consumers.