MKT 201 Chapter Notes - Chapter 12: Market Saturation, Voice Of The Customer, Revamp

• School: University of Miami
• Department: Marketing
• Course: MKT 201
• Professor: Smita Kulkarni

Document Summary

Developing new products: new market offerings provide value to both firms and customers, but the degree to which they do so depends on how new they really are. If the same selection of books, movies, games, etc. were always for sale, there would be no reason to buy more (people want new things) Introduction stage: this stage for a new, innovative product/service usually begins with a single firm, and innovators are the ones to try the new offering. Some examples include the telephone, ipod, smartwatches, etc: sensing the viability and commercialization possibilities of some market-creating new product, other firms soon enter the market with similar or improved products at lower prices. They also face intense competition on price as the average price of the product falls substantially compared with the shifts during the previous two stages of the life cycle.