MKT 3000 CH12 IP

Through innovation, firms often create a broader portfolio of products, which help them _________ and enhance firm value better than a single product. increase their prices diversify their risk advertise more directly reduce total production costs

diversify their risk

If the same selection of books were always for sale, with no new titles, there would be no reason to buy more. This is an example of which reason firms must innovate? Diffusion of innovation Market saturation Fashion cycles Changing customer needs

Fashion cycles

__________ refers to the process by which ideas get transformed into new offerings, including products, services, processes, and branding concepts that will help firms grow. Marketing Innovation Strategic planning Augmentation

Innovation

Without new products or services, the values of the firm will ultimately _________. increase stay the same decline expand

decline