MKT 100 Lecture Notes - Lecture 6: Voice Of The Customer, Observability, Morse Code

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Adding new products allows firms to create & deliver value by satisfying changing needs of current & new customers. Sometimes firms take a well known product such as a vacuum, & make it much more interesting such as dyson. The longer a product exists in the marketplace, the more likely the market will become saturated. Without new products or services, the value of the firm declines. Saturated markets also offer opportunities (ie. change the product a little > coca cola with the names or new flavours) Innovation allows firms to create a broader portfolio of products. A portfolio of products needs to be changing all the time. Fashion industry relies on trends and experiences short product life cycles. Innovators first to buy, take risks, highly knowledgeable, not price sensitive (2. 5%) Early adopters wait for reviews, opinion leaders, influence early majority (13. 5%)