Management and Organizational Studies 2320A/B Study Guide - Final Guide: Betty Crocker, Media Planning, Unique Selling Proposition

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

Document Summary

Product: anything of value to a consumer and can be offered through a marketing exchange. They could be places, ideas, organizations, people, or communities that create value for consumers in their respective competitive marketing arenas. New markets provide value to both firms and customers. 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 them grow. Without innovation and its resulting new products and services, firms would only have two choices: continue to market current products to current customers or take the same product to another market with similar customers. When they add new products to their offerings, firms can create and deliver value more effectively by satisfying the changing needs of their current and new customers or simply by keeping customers from getting bored. Companies can identify problems and develop products that customers never knew they needed.