MARK 3000 Chapter 12: Developin New Products CH12
14 Jan 2019
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Why do firms create new products: new market offerings provide value to firms and customers, degree of value determined by newness firms must innovate. Changing customer needs: new things are created to deliver value to the changing needs of customers, sometimes companies figure out what consumers need before they even know, example: frogbox rentals by canadian firm: moving in can be stressful. On top of it you must buy, assemble, and break moving boxes. This firm made plastic boxes that are delivered, assembled, and picked up. They also stack neatly: new stages in life require new innovations, technological advances: water proof cases were rarely a necessity until people started carrying phones everywhere(bathroom, kitchen, poolside) Improving business relations: new products don"t always target end consumers, sometimes they function to improve relationships with suppliers. Chapter 12: developing new products: example: kraft, maker of capri sun, found that its lemonade flavor was selling poorly.
