MKT 100 Chapter Notes - Chapter 8: Granola, Voice Of The Customer, Brainstorming

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

Document Summary

Lecture 9 chapter 8: developing new products. Innovation: ideas are transformed into new products and services that help the irm grow. Without it, irms are forced to continue marketing existing products or take existing products to a new market. Firms innovate for a number of reasons: changing customer needs. When products are added at irms, they create more value to customers changing needs by keeping customers from getting bored from existing products. An example is a gas station having a basic car wash and then adding in a premium wash with a wax protectant: market saturation. The longer a product stays in the marketplace, the more likely that the market will become saturated; without new products, the value of a irm will decline. Saturated markets ofer opportunity for companies that are willing to adopt new processes or mentality, i. e. peanut-free snack foods: managing risk through diversity.