MKT 101 Lecture Notes - Lecture 14: Ford Model T, Social Desirability Bias, Tinder

• School: Hofstra University
• Department: Marketing (MKT)
• Course: MKT 101
• Professor: Hamby

Document Summary

New products are risky; depending on estimate, 35-60% of new products fail social desirability bias in polls. Reduce dependence on one product or line. Product reaches maturity or end of product life cycle companies need to have a pipeline of products develop so when goes out of market you have others to rely on. Consumer needs and wants create products that appeal to wants and needs. Change in technology products become dated. Government mandate more regulation or products become illegal. Modifications: alteratio(cid:374)s/e(cid:454)te(cid:374)sio(cid:374)s i(cid:374) a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s e(cid:454)isti(cid:374)g products, ex: every time an iphone comes out. Minor innovations: items not previously sold by a firm that have been sold new to the company, but not new to the world, ex: burger king introducing veggie burgers. Major innovations: items not previous sold by any firm, ex: the internet, lightbulbs. The product life cycle des(cid:272)ri(cid:271)es a produ(cid:272)t"s sales a(cid:374)d (cid:373)arketi(cid:374)g e(cid:373)phasis fro(cid:373) (cid:271)egi(cid:374)(cid:374)i(cid:374)g until removal from the market.