This may be redundant information but I wanted to make sure that it is persisted somewhere for reference. It is really a summarized version of some of the teachings from Pragmatic Marketing.
Understanding of the markets that are targeted by the company's/products' "distinctive competencies". The idea is to gain unequivocal understanding of the market, the people working in this market, and specifically the problems that they have. The goal is to provide product features that directly solve the problems in the market. In order to do that the product management activities are focused on defining and prioritizing these problems and conveying them to the product development as market requirements. The driving concept is that a product (and its features) need to do a job for the customer. For example: Online bill pay. the job is to pay bills, if you did not have this capabilities you would have to do it manually which is time consuming and tedious. Therefore it is a Market Oriented feature it solves a distinct problem for the customer.
These activities involve the positioning and messaging of the product. It involves traditional marketing as well as what is now widely adopted "the new rules of marketing" using the internet as the main conduit. Using "viral marketing", new media, blogs and eBooks are some of the methods. The goal of all of these activities is to generate demand and leads that can be turned into license revenue by the sales team. One of the methods to expose the products to the market is using a concept called "Marketecture". The idea is to describe the product (and its features) to the market not by its technical functionality, but by the problems that it solves for the users. In other words it is a market oriented description of the product that is developed as a result of the "Inbound" activities.