MK Chap 12 Flashcards _ Quizlet

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3/17/24, 7:03 PM MK Chap 12 Flashcards | Quizlet https://quizlet.com/413596536/mk-chap-12-flash-cards/ 1/4 MK Chap 12 31 studiers today 5.0 (2 reviews) Students also viewed Terms in this set (40) Practice these terms in Learn Answer questions in a variety of formats about these 40 terms Others also viewed these textbooks Search for a textbook or question Consumer Behavior: Buying, Having, Being 13th Edition ISBN: 9780135225691 Michael R Solomon 449 solutions mkt ch 12 49 terms Rachelm514 Preview Chapter 12 93 terms Corey_Burton8 Preview psych 207 midterm 85 terms evelynst8 Preview **2024 Cum 757 terms arzan2 innovation An improvement of an existing technological product, system, or method of doing something. Without innovation, what options would be available to firms? Take current products to new markets Continue to market current products to current customers What percentage of new products is estimated to succeed? 3% Firms need to continue to innovate because customer needs ______. are constantly changing What will happen to a firm if it continues to produce the same products in a saturated market? it will eventually decline MK Chap 12
3/17/24, 7:03 PM MK Chap 12 Flashcards | Quizlet https://quizlet.com/413596536/mk-chap-12-flash-cards/ 2/4 One advantage of product innovation is that a firm can expand into different product categories. The point of the ______ strategy is that if some products in one category are competing poorly, others in another category could be doing very well. risk diversification Adding new products is most likely to prompt consumers to purchase in which of the following industries? video games What objective(s) do firms have in adding new products, services, and processes to their offerings? to keep customers from getting bored with existing products to satisfy the changing needs of consumers The process by which the use of an innovation, whether it be a product or service, is spread throughout a market group over time and over various categories of adopters, is known as ______. diffusion of innovation New product and service innovation is important because the longer a product or service exists in a given marketplace, the more likely that the market will become ______. saturated When a company adds new products this helps the company to ______ its risk. diversify Some markets demand a higher frequency of new product releases than others. In which of the following markets do sales come from new products? video games books movies A company that develops a new merchandise tracking technology that automatically notifies suppliers when a new shipment is needed is using its new product to ______. improve business relationships pioneers or breakthrough products are brand new products that establish a completely new market or radically change both the rules of competition and consumer preferences in a market. One advantage of product innovation is that a firm can expand into different product categories. The point of the ______ strategy is that if some products in one category are competing poorly, others in another category could be doing very well. risk diversification What can marketers learn from the diffusion of innovation theory? The rate at which consumers are likely to adopt a new product or service Which markets are likely to be most receptive to new products or services Apple created an entirely new brand that started with the iPod and evolved into different product categories (e.g., iPhone, iPad) before anyone else could catch on. Thus, Apple was the ______, which made the firm easily recognizable to consumers, helping it to gain an early market share lead. first mover MK Chap 12
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