Management and Organizational Studies 2320A/B Lecture Notes - Lecture 8: Ipod, Observability, Reverse Engineering

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Mos 2320 chapter 8 (developing new products) P(cid:396)odu(cid:272)t: the fi(cid:396)st (cid:862)p(cid:863) i(cid:374) the ma(cid:396)keti(cid:374)g mi(cid:454) Central to the creation of value for new consumer. What is a product: anything that is of value to a consumer & can be offered through a marketing exchange, goods, services, places, ideas, organizations, people, communities. New market offerings provide value to both firms & customers. Firms must innovate in order to stay in business & current. Innovation: the process by which ideas are transformed into new products and services that will help firms grow. Adding new products allows firms to create & deliver value by satisfying changing needs of current & new customers. Sometimes firms take a well-known product, such as a vacuum & make it much more interesting such as dyson. 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.