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

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Gillespie

Document Summary

Innovation the process by which ideas are transformed into new products and services that will help firms grow. Pioneers new product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market; also called breakthroughs. First movers product pioneers that are the first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead. Diffusion of innovation the process by which the use of an innovation, whether a product or a service, spreads throughout a market group over time and over various categories of adopters. Innovators those buyers who want to be the first to have the new product or service. Early adopters the second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don"t like to take as much risk as innovators.