MKT 100 Chapter Notes - Chapter 8: Brainstorming, Observability

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Anthony Francescucci

Document Summary

Product anything that is of value to the consumer and can be offered through a marketing exchange. Why do firms create new product: changing customer needs, market saturation, managing risk through diversity, fashion cycles. Pioneers/ breakthroughs new product introductions that establish new markets or radically change both the rules of competition and consumer preferences in the market. First movers product pioneers that are the first to create a new market or product category. Diffusion of innovation the process by which the use of an innovation spread throughout a market group over time and over various categories of adopters. Innovators first to buy, take risks, highly knowledgeable and not price. Early adopters wait for favorable reviews, opinion leaders, and. Early majority avoid risk, wait for bugs to be worked out, # of competitors peak, price and quality choices, products/service needs to reach this stage for success.