COMMERCE 2MA3 Lecture Notes - Lecture 8: Observability, Duffel Bag, Reverse Innovation

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Ali Abdul Hussein

Document Summary

Lego friends with more appeal to lagging girl market. Central to the creation of value for the consumer. What is a product: anything that is of value to a consumer and can be offered through a marketing exchange, goods, services, places, ideas, organizations, people communities. New market offerings provide value to both firms and customers. Firms must innovate in order to stay in business and current. Innovation = new products and services: the process by which ideas are transformed into new products and services that will help firm grow. Marketing saturation: a longer a product exists in the marketplace, the more likely the market will become saturated, without new market product or services the value of the frim declines, saturated markets also offers opportunities. Innovation allows firms to create a broader portfolio of products: diversification of risk, a portfolio of products is better than having just a single product.