MKT 100 Chapter Notes - Chapter 8: Market Saturation, Reverse Engineering, Botulinum Toxin

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Product: anything that is of value to a consumer and can be offered through a marketing exchange. New products provide value to both firms and customers. Innovation: ideas transform into new product and services that will help firms grow. Firms create new products to satisfying changing customers needs, market saturation, managing risk through diversity, and fashion cycles: changing customers needs. Adding new products allow 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: market saturation. The longer a product exists in the marketplace, the more likely it is that the market will become saturated. Without new products/services, the value of the firm declines. Saturated markets an also offer opportunities: managing risk through diversity. A portfolio of products is better than having just a single product. Innovation allows firms to create a broader portfolio of products.