Thursday, March 25, 2010

New Products and Innovations


In this chapter we discussed products and the need to always be constantly innovating. One of the terms listed in the chapter was "staples" which are "basic or necessary items that are available almost everywhere. In the apparel industry an example of a staple item would be a white cotton t-shirt. These can be found anywhere from Wal-mart to Nordstrom and in a wide range of prices. Items such as these are straight re-buys for buying centers and are often made automatically by computer when the inventory is getting low. For each season that same t-shirt may be modified for that seasons trending colors and placed in retail stores. This requires little effort from the buying center yet is an easy way to innovate.

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