MKT 100 Lecture 9: Week 9

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Gillespie

Document Summary

The 1st p in the marketing mix: new products. Central to the creation of value for the consumer: anything that"s valuable to a consumer + can be offered through a marketing exchange, goods, services, places, ideas organizations, people, communities, innovation adds value. New market offerings provide value to both firms + customers. Firms must innovate in order to stay in business + current. Adding new products = firms to create & deliver value by satisfying changing needs of current & new customers. Sometimes firms take a common product and improve i. e. 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. Innovation = firms create a broader portfolio of products leads to diversification of risk. A portfolio of products is better than having just a single product. Don"t put all your eggs in one basket .