How Do You Explain A New Product Category? Product Knowledge Explains It!

Abstract

Professor Jesper Sorensen asked “How do you explain a new product category” in an article in the Stanford Business Magazine and tried to provide an answer by employing Prof. Hayagreeva Rao et al and Glen Carroll’s works. This attempt failed to answer the question actually because Hayagreeva’s work as shown here was based on a concept that sidelines the consumer. Glen Carroll’s work was based on the assumption that the product has identifiable need to satisfy. This work has answered the question sufficiently well by employing marketing models that put the consumer in perspective. Thus a leeway has been provided for innovators who find themselves in a similar nightmare.

Keywords: New Product, Category, Consumer Need