MKT 100 Lecture 8: Chapter 8

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Khalil Rohani

Document Summary

Innovation the process by which ideas are transformed into new products and services that will help firms grow. Innovation: change the design, change the image, make changes to the overall product to make it better & appeal to the people, does not have to be something new. Innovation & value: why do firms create new products, changing customers needs, market saturation, managing risk through diversity, fashion cycles. Pioneers new product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market; also called. First movers product pioneers that are first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead. New product introductions: pioneers radically change competition & consumers preferences, despite first-mover advantages, pioneers often lose out to superior competitors, dvd walkman"s were taken over by apple ipod.