Management and Organizational Studies 2320A/B Chapter 8: Chapter 8
30 Mar 2018
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Document Summary
Product - anything that is of value to a consumer and can be offered through a marketing exchange. Product strategies are central to the creation of value for the consumer. New product doesn"t mean its never existed before. Think of it on a spectrum from "new to world" to "slightly repositioned" Innovation - the process by which ideas are transformed into new products and services that will help firms grow. Keeping customers from getting bored of the company"s existing product. Identify problems are create a product consumers didn"t even know they needed. Longer a product exists on the market, more likely it will get saturated. Saturated markets offer opportunities for a company to adopt a new process or mentality. Better withstand external shocks like consumer changes or competitive activity. For companies that rely on fashion trends and experience short product life styles, most sales come from new products. Don"t always target end consumers, might benefit relationships with suppliers.
