MKT 100 Chapter Notes - Chapter 08: Marketing Mix, Reverse Engineering, Reverse Innovation

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: All

Document Summary

New market offerings provide value to both rms and customers. Innovation the process by which ideas are transformed into new products and services that will help rms grow. Without innovation rms would only have 2 options: (1) continue to market current products to current customers or (2) take the same product to another market with similar customers. When rms add new products to their offerings they an create and deliver value more effectively by satisfying the changing needs of their current or new customers. Keeps customers from getting bored with the current product/service offering. The longer a product exists in the marketplace, the more likely it is that the market will become saturated. Saturated markets can also offer opportunities for a company that is willing to adopt a new process or mentality. Through innovation rms often create a broader portfolio of products which helps them diversify their risk and enhance rm value better than a single product can.