BU352 Chapter Notes - Chapter 8: Takers, Observability, Critical Role
Document Summary
Product anything that is of value to a consumer and can be offered through a marketing exchange. Includes goods, services, places, ideas, organizations, people, or communities that create value for consumers in their respective competitive marketing arenas. New products provide value to both firms and customers. Completely new-to-the-market products represent fewer than 10% of all new product introductions each year. Can range from new to the world slightly repositioned. Innovation the process by which ideas are transformed into new products and services that will help firms grow. Some estimates indicate only about 3% of new products actually succeed. Adding new products can help satisfy changing needs of current and new customers and keep customers from getting bored. Firms can sometimes identify problems and develop products that customers never knew they needed. Can also take a well-known offering and innovate to make it more interesting.
