Management and Organizational Studies 2320A/B Study Guide - Final Guide: Flor, Geographical Pricing, Brand Awareness

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

Document Summary

Product: anything that is of value to a consumer and can be offered through a marketing exchange. Innovation: the process by which ideas are transformed into new products and services that will help firms grow. Create and deliver value more effectively by satisfying the changing needs of their current and new customer or simply by keeping customers from betting bored with the current offering. Identify problems and develop products that customer never knew they needed. The longer a product exists in the marketplace the more likely it"ll be saturated. Without new products value of the firm declines. Offer opportunities for a company that is willing to adopt a new process or mentality. Firms often create a broader portfolio of products which helps them diversity their risk and improve value. Multiple products are better able to withstand external shocks for changes in consumer preferences or intensive competitive activity.