MKT 100 Lecture Notes - Lecture 8: Product Classification, Intangibility, Ziploc

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Gillespie

Document Summary

A product offers value and satisfies a need or want. We use the term product as a catch-all phrase. There are evolving tastes, technological changes, knowledge sharing, spreading and inertia. Sales are increasing at a fairly steady rate (albeit not necessarily high). It is often accompanied by growth in the number of product offerings in the domain. Growth markets are attractive because it has the potential to broaden the scope of their operations. Mutual support of promotion has a trickle-down effect (ex. 10% market share of a k sales industry. If they maintain a 10% share, but the overall market increases by 20% (to k), company a"s sales revenue increases from. Demand has stabilized, typically accompanied by a replacement schedule. Strategies: further differentiation; attempt to extend the market, results in brief returns to growth characteristics. Research and development focuses on reducing costs, and incremental improvements.