MKT 100 Chapter Notes - Chapter 8: Starbucks, Marketing Mix, Voice Of The Customer

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

Document Summary

Chapter 8: developing new products (1st p of the marketing mix) Product is anything that is of value to a consumer & can be offered through a marketing exchange, eg. goods, services, places, ideas, orgs, people & communities. Scientific research opens up a world of idea vs. technological research transforms these ideas into interesting. New market offerings provide value to both firms & customers but the degree to which they do so depends on how new they really are. Degree of newness goes from new-to-the-world to slightly repositioned . Innovation is the process by which ideas are transformed into new g+s that will help firms grow. Changing customer needs: satisfying needs of current & new customers or keep them from getting bored w/ current p+s. Companies can identify problems & develop products customers never knew they needed. Firms take a well-known offering & innovate it to make it more interesting.