BU352 Chapter Notes - Chapter 8: Product Design, Observability, Brainstorming
Document Summary
Our lives are defined by the new p/s developed through scientific and technological advances. How do firms add value to their p/s through innovation and. How does a firm change its marketing mix as a product moves through the life cycle. New market offerings provide value to both firms and customers. Useful to think of the degree of newness of a product on a continuum from new-to-the-world to slightly repositioned . Innovation is the process by which ideas are transformed into new products and services that will help firms grow. Long-term reasons compel firms to introduce new p/s (innovation doesn"t always work in the short-run) By adding new products to their offerings, the firm can deliver more value by changing the needs of their current and new customers or by keeping customers from getting tired of their current offering. Companies can identify problems and develop products that customers never knew they needed.
