1. Marketing myopia is a short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers’ needs and wants. It should be avoided as it results in the failure to see and adjust to the rapid changes in their markets. A good case study for this is Blockbuster, Redbox and Netflix. Blockbuster was on their high horse and did not pay attention to the change Redbox and Netflix sparked. As a result the two simultaneously capitalized on Blockbuster’s market share. This was Blockbuster’s fault because they did not want to adjust to the rapid change. 2. Perceived customer value is marketing and branding related concept that points out that success of a product is largely based on whether customers believe it can satisfy their needs. This emphasizes that when a company develops its brand and markets its products, customers ultimately determine how to interpret and react to marketing messages. Companies spend significant time researching the market to get a sense of how customers think and feel. 3. Market segmentation involves grouping your various customers into segments that have common needs or will respond similarly to a marketing action. Each segment will respond to a different marketing mix strategy, with each offering alternate growth and profit opportunities. After segmenting the market based on the different groups and classes, you will need to choose your targets. No one strategy will suit all consumer groups, so being able to develop specific strategies for your target markets is very important. The process of developing business, product and service differentiation is important as it allows you to set yourself apart from the rest of the market. This can be particularly important where an extremely competitive market exists or where