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mkt 100 class 9

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Ryerson University
MKT 100
Anthony Francescucci

November 7 MKT 100 Product development Innovation and value: Why create new products?  Changing customer needs  Market saturation (create new products)  Helps manage risk through diversity (problem with one product, fallback with second)  Fashion/trend cycles Diffusion of Innovation/Product Adoption Product adoption cycle:  innovators: risk-takers, not price sensitive  early adopters: opinion leaders  early majority: wait for reviews, price drops  late majority: risk averse, skeptical (market potential)  lagers: avoid change, prefer old products (sales have fallen) Adoption:  relative advantage and compatibility: fits with customer lifestyle  observability: easy to observe and customers see potential benefits  complexity/trainability: ease of use, simple How firms develop new products:  idea generation  concept testing  product development  market testing:  product launch  evaluation of results Sources of product innovation:  customer feedback  competitors  supplier innovation  innovation in foreign markers  research and development  existing industrial products  improving on competitors’ innovations  simplification of existing products Product management Product life-cycle:  introduction: sales start off slow (profits here are often negative due to start-up)  growth: sales are rising and so do profits (competitors entering in market)  maturity: peak and decline in sales/profits  decline Product Classification:  tangibility: non-durable goods: few uses and require another purchase, durable goods: one time purchase  intangible: services  use: consumer goods:  convenience goods: regular purchases(gum, groceries)  shopping goods:(clothes)  specialty goods(brand name stereo, car, suits)  unsought goods: (insurance, smoke detectors)  use: industrial goods:  materials and parts: goods that enter the manufacturer’s product completely. Raw materials of manufactured pa
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