MKT 100 Lecture Notes - Lecture 8: Market Saturation, Marketing Mix, Intangibility

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

Mkt 100 chapters 8, 9 & 10. Product: the first p" in the marketing mix. Central to the creation of value for the consumer. What is the product: anything that is of value to a consumer & can be offered through a marketing exchange, goods, services, places, ideas, organizations, people, communities, innovation adds value. The longer a product exists in the marketplace, the more likely the market will become saturated: managing risk through diversity. Innovation allows firms to create a broader portfolio of products: changing customer needs. Can create and deliver value by more effectively meeting customer needs: fashion cycles. Fashion industry relies on trends & experiences short product life cycles. New products that create new markets are pioneers with first mover advantage. 95% new products fail: too few benefits, too complex, bad timing. Innovators (2. 5%: first to buy, take risks, highly knowledgeable, not price sensitive. Early adopters (13. 5%: wait for favorable reviews, opinion leaders, influence early majority.