BUSI 2208 Chapter Notes - Chapter 8: Liquid Oxygen, Market Saturation
9 Sep 2015
School
Department
Course
Professor
Document Summary
Lo4 describe the product life cycle and summarize how it is used to make product line decisions. 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. Lo2 describe the diffusion of innovation theory and how managers can use it to make product line decisions. Diffusion of innovation the process by which the use of an innovation, whether a product or a service, spreads throughout a market group over time and over various categories of adopters. Innovators those buyers who want to be first to have the new product or service. Lo3 explain the stages involved in developing new products and services. Idea generation development of viable new product ideas. Concept testing testing the new product idea among a set of potential customers. Product development development of prototypes and/or the product.
