Business Administration 3301K Chapter Notes - Chapter 8: Brainstorming, Panel Data, Marketing Mix
11 Apr 2015
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02/23/15: w/o: continue to market current products to current customers or take same product to similar customers, product: anything that is of value to a consumer and can be offered through a marketing exchange. Why do firms create new products: new market offerings provide value to rms and customers, innovation: process by which ideas are transformed into new products and services that help rms grow. Changing customer needs: can create & deliver more effectively by satisfying changing needs. Market saturation: longer product exists in marketplace = more likely for market saturation. Managing risk through diversity: broader portfolio of products help diversify risk and enhance rm value, firms w/ multiple products better able to withstand external shocks. Fashion cycles: short product life cycles. How firms develop new products: process is a team effort - marketing plays a crucial role. Idea generation well: use internal r&d efforts, collab with others, license tech from research-intensive rms, brainstorm, resreach competitors products.
