MKT 100 Lecture Notes - Lecture 7: Walkman, Market Saturation, Test Market

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

**exam describe the diffusion of innovation theory and how managers can use it to make product line decisions. Explain the stages involved in developing new products and services. **exam describe the product life cycle and summarize how it is used to make product line decisions. Customer learning and/or benefits / changes to business/marketing processes. With incremental innovations (adding camera, web-enabled features, etc. ), the customer learning and/or benefits aspects decrease. The highest level would be new innovations such as apple"s ipod or the first ever sony. Innovators: venturesome, higher educated, use multiple information sources (2. 5%) Early adopters: leaders in social settings, slightly above average education (13. 5%) Early majority: deliberate, many informal social contacts (34%) Late majority: skeptical, below average social status (34%) Laggards: fear of debt, neighbours and friends are information sources (16%) Innovators: who wants to be the first to have the new product or service. Early adopters: generally don"t lie to take as much risk as innovators.