COMMERCE 3MC3 Lecture Notes - Lecture 8: Retail, Reverse Engineering, Test Market
3 Nov 2017
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Document Summary
Did a lot of research found out girls are interested in building things with their friends. Product: anything of value to a customer innovation adds value. Innovation: process through which you transform ideas into actual products. 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 form declines. Fashion industry relies on trends and experiences short product life cyles. Cost of marketing is much higher for the first brand. First movers is not exclusively applied to pioneers. Depicts the number of people that are adopting that innovation overtime. What differs is the time, and the amount of the product sold. Betamax, developed by sony, sony refused to license it to anyone else. Electric shavers, sales never took off, electric shavers now didn"t have to make people change they"re lifestyle so sales went up. Any products you can try before purchase will defuse faster.
