MKT 100 Lecture Notes - Lecture 9: Arthur Fry, Test Market, Market Saturation

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Wait for bugs to be worked out. # of competitors peak, price & quality choices. Need to reach this stage for success. Comfortable/rely on traditional product until product no longer available. Each iteration of the mobile phone offers relative advantages. Clear benefits quickens diffusion of new products. The easier the benefits are to communicate, the faster the product will diffuse. The more complex the product, the longer it takes to diffuse. Products that can be sampled will diffuse faster. How firms develop new products- 3m: spence silver, part of 3m"s scientists, developed a non-sticky glue by accident. Prototypes were developed and tested among senior level managers at 3m- demand internally was high: test market - trying out the new idea in a few test markets, full product launch of post-its, evaluating results. More than a tangible offering; anything of value to consumer that can be offered through a marketing exchange to satisfy a want or a need.