BUS 343 Chapter Notes - Chapter 7: Convenience Store, Miracle Whip, Velveeta
19 Dec 2016
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Business has two basic functions: marketing & innovation. Drucker said that the purpose of any business is to create a customer and therefore, the main purpose of a business is marketing and innovation. Innovation is differentiation of your product or service. Its easier to invent the future than to predict it (in other words you should keep on innovating because as the world changes, taste are also changing and value is always being). So we need to know factors of innovation, its use, how to get it: case study. Apple: bankrupt to most valuable us company in 15 years, was bailed out by. Lifest(cid:455)le(cid:863: we care about what apple does because it is a trend leader. Innovation creates customers, if there were no product creation there would be no growth movement rather the firm will focus on cost cutting measures. Value increased by creating new products for new customers iphone, ipad, icloud, apps, etc. It is relevant we care: differentiated.
