MKT 100 Lecture Notes - Lecture 8: Clorox, Frito-Lay, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Khalil Arbousa

Document Summary

Products: anything that is of value to a customer and can be ofered through a markeing exchange. Innovaion: the process by which ideas are transformed into new products and services that will help irms grow. Lo1: idenify the reasons irms innovate: firms need to innovate to respond to changing customer needs, prevent decline in sales, avoid market saturaion, diversify their risk and respond to short product life cycles. New products and services keep current customers come back for more and induce new customers into the market. Risky new to the world products have tremendous potenial because they are the irst in the market to ofer something that has never been available. Pioneers: new product introducions that establish a completely new market or radically change both the rules of compeiion and consumer preferences in market; also called breakthroughs pioneers radically change compeiion and consumer preferences, Innovators: who want to be the irst to have the new product or service.