MKT 100 Chapter Notes - Chapter 8: Panel Data, Marketing Mix, Reverse Innovation

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

Document Summary

Mkt100 chapter 8: developing new products (textbook notes) Product is anything that is of value to the consumer and can be offered through a marketing exchange. Why do firms create new products: new market offerings provide value to both firms and customers o. Regardless of where on the continuum a new product fits, firms have to innovate. Innovation is the process by which ideas are transformed into new products and services that will help firms grow. Without it, firms would only have two choices. Continue to market current products to current customers. Take the same product to another market with similar customers. Although innovation strategies may not work in the short run - some estimates indicate that only 3% of new products actually succeed - overriding long-term reasons compel firms to introduce new products and services o. Companies can identify problems and develop products that customers never knew they needed.