MKT 100 Chapter Notes - Chapter 8: Market Saturation, Observability, Brainstorming

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Liana Zeng

Document Summary

Innovation- the process by which ideas are transformed into new products and services that will help firms grow: customers changing needs, market saturation, managing risk through diversity, fashion cycles. Innovation and value: pioneers- breakthrough product, new product introductions that establish a completely new market. First movers: product pioneers that are the first to create a market or product category, making them recognizable to customers, early market share lead. Adoption of innovation: diffusion innovation: the process by which the use of an innovation, weather a product or service, spreads throughout a market group over time and over various categories of adopters. Collaboration: concept testing: the process in which a concept statement that describes a product or service is represented to potential buyers or users to obtain their reactions, product development- Alpha testing: attempt by the firm to determine whether a product will perform according to its design and whether it satisfies the need that was intended.