COMM 223 Chapter Notes - Chapter 10: Test Market, Innovation Management, Sales Promotion
7 Apr 2017
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Every product goes through a life cycle it"s born, goes through several phases and then dies out. A firm has to come up with new products to replace old ones (new product development) A firm has to adapt their marketing strategies as products pass through the life-cycle, and as tastes, technology & competition changes (product life-cycle strategies) New products are important for the both the customer and the marketers who serve them: For companies, new products are a key source of growth. For customers, they bring new solutions and variety to their lives. Innovation can be very risky and very expensive. In 90% of cases, new products fail and companies lose billions of dollars on failed products. To create successful new products, a company has to: understand its consumers, understand its markets, understand its competitors, develop products that deliver superior value to customers.
