MKT 100 Lecture Notes - Lecture 8: Marketing Mix, Voice Of The Customer, New Place

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Anything that is of value to a consumer and can be offered through a marketing exchange. Goods, services, places, ideas, organizations, people, communities. Innovation adds value: product is a key element of a firm"s marketing mix and is central to the creation of value to the consumer. Why do firms create new products: new market offerings provide value to both firms and customers, firms must innovate in order to stay in business and current. Without innovation, firms would only have two choices: continue to market current products to current customers or take the same product to another market with similar customers. Fashion cycles: fashion industry relies on trends and experiences short product life cycles, most sales come from new products. Pioneers that are first to create a market or product category. Winter 2016: the process by which the use of an innovation whether a product or service, spreads throughout a market group, over time and over various categories of adoptors.