COMMERCE 2MA3 Chapter Notes - Chapter 8: Observability, Ipad, Test Market
11 Dec 2016
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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. Pioneers: new product introductions that establish a completely new market or radically change both the rules of completion and consumer preferences in a market; also called breakthroughs. First movers: product pioneers that are the first to create a market or product category: making them readily recognizable to consumers and thus establishing a commanding and early market share lead. Purchase after careful review, enjoy novelty, opinion leaders (cid:894)(cid:1007)(cid:895) early (cid:373)ajority: (cid:373)e(cid:373)(cid:271)ers do(cid:374)"t like to take (cid:373)u(cid:272)h risk a(cid:374)d therefore te(cid:374)d to (cid:449)ait u(cid:374)til (cid:271)ugs are worked out. Crucial population as products do(cid:374)"t (cid:271)e(cid:272)o(cid:373)e profita(cid:271)le u(cid:374)til this group (cid:271)uys i(cid:374) (4) late majority: the last group of buyers to enter a new product market.
