As companies shift from product to services focus, they face the challenge of a larger, more dynamic and more diverse customer base. Some are turning to universities for assistance from academics to find ways to improve operations or customer relations.

"In real estate, if you keep yourself in front of long-term demographic trends, you will prosper," observes Christopher Cole, founder and chief executive of the Cole Companies, who received the Distinguished Achievement Award at the W. P. Carey undergraduate convocation recently.

Plenty of consumers sip Maxwell House coffee because it's "good to the last drop," and would proudly answer "yes" if asked, "Doesn't your dog deserve Alpo?" The brand-building punch of such slogans helps companies turn shoppers into customers.

A lot of companies focus on competition, innovation and cost-cutting to drive cash flow. But according to Ruth Bolton, marketing professor at the W. P. Carey School of Business, successful firms understand that cash flow is derived from customers.

IBM's Customer Obsession Program (COP) is focused on achieving a world-class client experience, service delivery that is consistently the best, and a passionate commitment to the customer.

Would your customers say that the services they received from your company are the services they expected to get? If not, then your company may suffer from a services quality gap.

In the digital age, more information is available to more people than ever before. But not all the information. Truly unique and rare information — a hot stock tip, for instance, or a warning of an impending market shift — remains a near-priceless commodity.

In the Super Bowl advertising arms race, companies spend millions on mere seconds. Is it worth it? Nancy Stephens, associate professor of marketing, says no.

People trust experts. In courtrooms, expert witnesses sway the views of jurors. On television, expert analysts shape public opinion on everything from politics to sports.