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Akshey wants to start a new business venture in Edtech space in India. He has also got some of his friends as Co-founders in the startup. The main target customer segment was K-12. They did all the primary and secondary market research in form of surveys, interviews, data mining, etc. By understanding the needs, they finally developed a product in such a way that attracts the targeted customers. To make it easier for the students to use the product, they included services such as after sales services, maintenance services, and technical services in their product. The company decided to follow freemium model to charge for the product. Some elements were available for free while a certain amount was charged to avail the services of other elements. The company launched multiple programs to inform school students about all this.

Which function of marketing is highlighted in the line, "By understanding the needs, they finally developed a product in such a way that attracts the targeted customers."?

Solution

✅ Correct Option: 3

Product designing and development involves creating a product with an attractive design and features that suit customer needs, giving it a competitive edge. Developing a product based on understood needs so that it attracts targeted customers highlights this function.

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