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Marketing Chapter 8.docx

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University of Ottawa

Marketing Chapter 8 Developing New Products Product anything that is of value to a consumer and can be offered through a marketing exchange Why do Firms Create New ProductsNew market offerings provide value to both firms and customers Innovation the process by which ideas are transformed into new products and services that will help the firm grow Firms innovate for a number of reasonsChanging Customer Needs when a firm adds new products to their offerings the can create and deliver value more effectively by satisfying the changing needs of their current and new customer or simply by keeping customers from getting bored with the current product or service offering Market Saturation 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 Managing Risk Through DiversityThrough innovation firms often create a broader portfolio of products which helps them diversify their risk and enhance firm value better than a single product can Fashion CycleIn industries that rely on fashion trends and experience short product life cyclesincluding apparel arts books and softwaremost sales come from new products Innovation and ValueNew product introductions especially newtotheworld products that create new markets can add tremendous value to firms These new products services or processes are called pioneers breakthroughs or disruptivePioneers new product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market also called breakthroughs
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