Management and Organizational Studies 2320A/B Study Guide - Final Guide: Customer Service, Voice Of The Customer, Instant Messaging

• 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. New does not necessarily mean never before seen rather for example it can be like a new edition of lego that people haven"t seen before. Completely new to the market products represent fewer than 10% of all new product introductions each year. Innovation the process by which ideas are transformed into new products and services that will help firms grow. Without this firms only have two choices. To continue to market products to current customers or take the same product to another market with similar customers. Only 3% of new products actually succeed. When adding new products firms can create and deliver value more effectively by satisfying the changing needs of their current and new customers. Also by keeping customers from getting bored with their current product offerings. The longer a product exists in the marketplace the more likely it will be saturated.