October 21, 2009

Homework for Thursday Oct. 22

Posted in Uncategorized at 1:22 pm by Jennifer McDowell

In class yesterday, we reviewed the 4 P’s of marketing and talked about innovation in all four areas. You should recall a few important points:

  1. Product innovation is pretty easy to talk about, but the majority of new product ideas are market failures.
  2. It’s a little more difficult to develop truly innovative pricing, largely because businesses have been messing around with pricing for a long time.
  3. Place (distribution) innovation is often very expensive.
  4. Promotion innovation is relatively common.

Your homework for Thursday’s class is to read the linked BusinessWeek article here, and answer the questions below. I’d like you to incorporate your answers into your course portfolio. Remember, you should be creating at least one new page each week of the quarter.

What major macroeconomic event caused the San Diego Zoo to pursue innovation?

What product innovations did the Zoo develop?

How did the Zoo involve its customers (consumers) in the innovation process?

The Zoo is a nonprofit organization, but the decision to innovate was influenced by their financial situation. Why was that a factor?

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