ADM 2320 Chapter Notes - Chapter 8: Market Saturation, Product Management, Brand Management
12 Dec 2018
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Chapter 8: developing new products and branding and packaging decisions. Why do firms create new products: new market offerings provide value to both firms and customers, develop products because, fashion cycles. Improving value: managing risk through diversity, market saturation, changing customer needs, firms must innovate in order to stay in business and current. If some products in the portfolio are doing poorly, others may be doing well. Don"t put all your eggs in one basket. Fashion cycles: fashion industry, books, and software rely on trends and experiences short product life cycles, most sales come from new products, without innovating or constantly changing in these industries, firms would cease to exist very quickly. In fashion, designers must product entirely new product selections a few times a year. Late majority: last group of buyers to get the product, wait for product to reach full product potential.
