SMG MK 323 Chapter ch. 12: MK323TextbookNotesCh12
13 Feb 2017
School
Department
Course
Professor
Document Summary
Chapter 12 developing new products: including products, services, process, and branding concepts that will help firms grow. Innovation refers to the process by which ideas are transformed into new offerings, Changing customer needs when they add products services and processes to their. Improving business relationships sometimes new products function to improve. Market saturation is the longer a product exists in the marketplace, the more likely it is that the market will become saturated. Without new products or services, the value of the firm will ultimately decline. They diffuse or spread through a population in a process known as diffusion of innovation. Diffusion of innovation diffusion of innovation whether a product, a service, or a process spreads throughout a market group, over time and across various categories of adopters. New products are called pioneers or breakthroughs, establish a completely new market or radically change both the rules of competition and consumer preferences in a market.
