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week 7 - products, new product development, diffusion of innovations,…
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diffusion of innovations
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describes how innovations are adopted by the market over time and suggests that the influence of social groups on the decisions made by individuals determines the way in which new products and ideas are adopted
product life cycle
as competitors enter the market with similar products, the novelty of the product wears off
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marketer must decide whether to reduce its investment in the product, drop the product or change the product
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increasing popularity, sales and profits
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what is a product?
a product is a good, service, or idea offered to the market for exchange that might satisfy a need or want
services
challenges of services
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intangibility
services cannot be seen, felt, tasted, touched or stored
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