MKT 100 Chapter Notes - Chapter 8 : Walkman, Swiss Armed Forces, Wi-Fi
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MKT 100 Full Course Notes
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Product: the first p in the marketing mix. Product is a key element of a firm"s marketing mix and is central to the creation of value for the customer. It is not only a physical entity such as a bottle of shampoo, but can also be many other things. Anything that is of value to a consumer and can be offered through a marketing exchange. Goods, services, places, ideas, organizations, people, communities. New market offerings provide value to both firms and customers. Firms must continue to innovate in order to remain in business and current, meeting the changing needs and wants of their customers. Innovation is the process by which ideas are transformed into new products and services that will help the firm to grow. Without innovation, firms would only have two choices: Continue to market current products to current customers. Take the same product to another market with similar customers.
