MKT 100 Lecture Notes - Brainstorming, Reverse Engineering, Starbucks

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: benbarry

Document Summary

Product: anything that is of value to a consumer and can be offered through a marketing exchange. Includes: goods, services, places, ideas, organizations, people, and communities. Innovation: the process by which ideas are transformed into new products and services that will help firms grow; without innovation, firms could only market the same product to the same customers or to another market with similar customers. New products satisfy the changing needs of current and new customers so they do not get bored of the current product. Eg dove just sold soap, but than expanded to other products to keep customers interested in the brand sometimes firms create products that customers never knew they needed, eg toothpaste. Or make take a product and adjust it to make it more interesting/better. Eg sneakers or cars companies don"t offer the same models every year because people wouldn"t buy the same if the one they have now works fine so they change and upgrade frequently.