MKT 100 Lecture 9: MKT 100 - Lecture 9

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

Document Summary

Adding new products allows firms to create & deliver value. Sometimes firms take a well-known product & make it much more interesting. 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. Innovation allows firms to create a broader portfolio of products. Don"t put all your eggs in one basket . Fashion industry relies on trends & experiences short product life cycles. 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. Spence silver, part of 3ms scientist, developed a non-sticky glue by accident. Much later, art fry suggested to use it with pads of paper.