COMMERCE 2MA3 Lecture Notes - Lecture 8: Lego Friends, Betamax, Root Mean Square

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat Sud

Document Summary

One of the world"s top toy manufacturers. Faced with declining pro ts (targeted only boys) - lego reinvents itself. Lego friends - with more appeal to lagging girl market. Product: the rst p" in the marketing mix. The rst p" in the marketing mix: new products. Central to the creation of value for the consumer. 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 rms and customers. Rms must innovate in order to stay in business and current. Adding new products allows rms to create and deliver value by satisfying changing needs of current and new customers. Sometimes rms take a well-known product, such as a vacuum, and make it much more interesting such as dyson. Innovation allows rms to create a broader portfolio of products. A portfolio of products is better than having just a single product.