MKT 100 Lecture Notes - Lecture 11: Iphone Se, Transistor Radio, Dasani

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Golam Aurup

Document Summary

Chapter 11 developing and managing products (11-1)the importance of new products. Increase revenue and profits: sustain growth, replace obsolete items, meet ever-changing new consumer wants. In-home tests for inexpensive products e. g. cleaning products, pet foods: test marketing. Limited introduction of a product with an associated marketing program to determine reaction: high costs, financial, exposure to competition, alternatives, simulated laboratory tests, computer simulation. Key to success / reasons to fail (11-4) spread of new products: understand how consumer learn about and adopt products, diffusion of innovation. Innovation new products as perceived by an adopter: diffusion the process by which the adoption of an innovation spreads. Marketing implications of the adoptioon process: communication aids diffusion, word-of-mouth, traditional and digital, direct from marketer to adopter, appeals, messages, and media used vary depending on which adopter category is being reached (11-5) product life cycles.