Management and Organizational Studies 2320A/B Study Guide - Final Guide: New Product Development, Market Saturation, Research And Development

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

Document Summary

Product: anything that is of value to a consumer & can be offered through a marketing exchange. Innovation adds value something new to an existing product. Why do firms create new products: new market offerings provide value to both firms & customers, firms must innovate in order to stay in business & current. Innovation: process by which ideas are transformed into new products and services that will help firms grow. changing customer needs = new products & services. Changing customer needs: adding new products allows firms to create & deliver value by satisfying changing needs of current & new customers. Sometimes firms take a well-known product & make it much more interesting (dyson: companies identify problems and develop products that customers never knew they needed. Market saturation: 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.