MKT 100 Chapter Notes - Chapter 8: Swiss Armed Forces, Sodium Bicarbonate, Arm And Hammer

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Gillespie

Document Summary

First p in market mix: product: product is a key element of a firm"s marketing mix & is central to the creation of value for the consumer. Product anything that is of value to a consumer and can be offered through a marketing exchange. Firms must continue to innovate in order to remain in business & current, meeting the changing needs & wants of their customers. Innovation is the process by which ideas are transformed into new products & services that will help the firm to grow. Without innovation, 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. Adding new products allows firms to create & deliver value by satisfying changing needs of current & new customers. Sometimes firms take a well-known product, such as a vacuum, & make it much more interesting such as dyson.