BU352 Chapter Notes - Chapter 8: Voice Of The Customer, Test Market, Observability
Document Summary
Changing customer needs firms can create and deliver value more effectively by satisfying the changing needs of their current and new customers or simply by keeping customers from getting bored with the current product or service offering. Market saturation: the longer a product exists in the marketplace, the more likely it is that the market will become saturated, without new products or services, the value of the firm will ultimately decline. Saturated markets can also offer opportunities for a company that is willing to adopt a new process or mentality. In industries that rely on fashion trends and experience short product life cycles most sales come from new products. Improving business relationships: new products do not always target end consumers; sometimes they function to improve relationships with suppliers. They offer consumers too few benefits compared with existing products. They are too complex or require substantial learning and effort. Bad timing consumers are not ready for such new products or services.
