Management and Organizational Studies 2320A/B Final: Marketing Textbook Notes—Final Exam.docx

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Kevin Thompson

Document Summary

New market offerings provide value to both firms and customers, the degree to which they do this depends on how new they really are. Completely new-to-the market products represent fewer than 10% of all new product introductions. Innovation: the process by which ideas are transformed into new products and services that will help firms grow. Some estimates indicate that only 3 percent of new products actually succeed overriding long-term reasons compel firms to introduce new products and services. Sometimes companies can identify problems and develop products that customers never knew they needed (ex: basic car wash, a wash and polish, undercarriage wash) The firms take a well-known offering and innovate to make it more interesting. The longer a product exists in the marketplace, the more likely it is that the market will become saturated. Without new products or services, the value of the firm will ultimately decline.