MKT 100 Chapter Notes - Chapter 8: Retail, Voice Of The Customer, Reverse Innovation
itskiyethangeli and 39956 others unlocked
1
MKT 100 Full Course Notes
Verified Note
1 document
Document Summary
Anything that is of value to a consumer and can be offered through a marketing exchange. New markets can offering provide the value to both firms and the customers. The new-to-the-market products that represents fewer than 10% of all new product introductions each year. Innovation: the process by which ideas are transformed into new products and services that will help firms grow. When you add new products the offer the firms to create and deliver value more effectively by satisfying the changing needs of the current and new customers in keeping customers from getting bored. Firms take a well-known offering and innovate to make it more interesting. Product exists in the marketplace that is likely that market will become saturated. Saturated markets offer opportunities for company willing to adopt a new process or mentality. Mass marketers would not even want to enter the market. North american market is worth more than . 3 billion.