MKT 100 Study Guide - Final Guide: Brainstorming, Observability, Reverse Engineering

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

Document Summary

Product: anything that is of value to a consumer and can be ofered through a markeing exchange. Innovaion: the process by which ideas are transformed into new products and services that will help irms grow. Changing consumer needs create and deliver value efecively by adding new products and saisfying the changing needs. Market saturaion the longer a product exists in the marketplace; the more likely the market will become saturated (the decline stage) First movers: product pioneers that are the irst to create the market or product category, making them recognizable to consumers = establishing a commanding and early market share. The process by which the use of innovaion, whether a product or service, spreads throughout a market group. Innovators: those buyers who want to be the irst to have the new product or service. Early adopters: buyers that begin to use the product or service innovaion.