Management and Organizational Studies 2320A/B Chapter Notes - Chapter 8: Test Market, Reverse Engineering, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Angela White

Document Summary

Product anything that is of value to a customer and can be offered through a marketing exchange. Continuum from new to the world to slightly repositioned . Innovation the process by which ideas are transformed into new products and services that will help firms grow: only about 3 percent of new products actually succeed. Firms can create and deliver value more effectively by satisfying the changing needs of their current and new customers or simply by keeping customers from getting bored with the current product or service offering. Sometimes, companies can identify problems and develop products that customers never knew they needed. In other cases, the firms take a well-known offering and innovate to make it more interesting. Products become saturated when in the market for a long time (less sales) Car companies revamp their models every year, whether by adding new features or by redesigning the entire look, to avoid saturation.