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

• 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. New market offerings provide value to both firms & customers. Firms must innovate in order to stay in business & current. Innovation is the process by which ideas are transformed into new products & services that help the firm grow. 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. Adding new products allows firms to create & deliver value by satisfying changing needs of current and new customers. Sometimes firms take a well-known product, such as a vacuum & make it much more interesting as dyson. Firms must keep pace with ever changing customer needs and wants. The longer a product exists in the marketplace, the more likely the market will become saturated. Without new products or services, the value of the firm declines.