MKT 100 Chapter 8: Developing New Products
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MKT 100 Full Course Notes
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Product=anything that is of value to a consumer and can be offered through a marketing exchange: goods, services, places, ideas, organizations, people, communities. New-to-the-world to slightly repositioned innovation=process by which ideas are transformed into new products and services that will help firms grow. Changing customer needs: create and deliver more value effectively identify problems and develop products customers never knew they needed. Eg) undercarriage car wash take well-known offering and innovate to make more interesting. Market saturation longer product in marketplace, more likely market saturated -> innovate to make less boring. Eg) car improvements: adopt new processes or mentalities. Managing risk through diversity: broader portfolio, diverisfy risk and enhance firm value firm w/ multiple products better withstand external shocks. Fashion cycles: short product life cycles (apparel, arts, books, software) - rely on sales from new products. Improving business relationships improve relations with suppliers: eg) capri sun lemonade at the bottom, cannot get it.
