Week 7-Shifa Flashcards
Innovation and diffusion of technology in products and services by Evers er al 2020. How do they define innovation?
- more than just the invention of something new.
- And, rather than a label of an outcome it is about the whole process from the inception of an idea through developing and testing to successfully putting the innovation in use
What makes high-tech marketing complex? (7 things)
- high rates of product obsolescence
- high levels of technology and market uncertainty
- constantly managing interaction
- tech firms will always invest in R&D.. but sales spend and marketing spend drive growth
- buyers don’t always see the benefit of the new tech
- buyer wants to stall buying until the offer is seen as less risky
- buyer struggle to articulate their needs
What are types of different innovation? (Evers et al 2020)
product
process
platform
infrastructure
incremental vs radical
disruptive
what is product innovation
new materials, specs, functional benefits
what is process innovation
new or better way of creating or delivering a product
what is infrastructure innovation
higher level; wire technology
system ie 5G, blockchain
what is platform innovation
newer category, new ways of getting to the market
what is incremental vs radical innovation
degree of technology (incremental)
novelty(radical)
what is disrputive innovation
impact on wider system
what is radical innovation in terms of what does it do
- offer a breakthrough solution to an exisitng problem
- requires a change in user behaviour
microwave, dishwasher - replaces technology
from vinyln to streaming
what is disruptive innovation in terms of what it does
- presents an entrepreneurial opportunity
- disrupts the competition
- unlocks growth through a new market
- creates new value for users
simpler, cheaper, tends to start as lower quality - requires change in user behaviour
- but can wipe out jobs, companies and communities
what is a positive sum approach to innovation? (in contrast with zero sum)
- identify and solve a brand new problem or seize a brand
- redefine an existing industry problem and solve it
give an examples of types of indusrty that have a postive sum approach to innovation
- micro finance
- online dating
- crowdfunding
diffusion of innovation (Gabriel Tarde)
did what? and created what?
- studied the group mind and social interaction
- underpines arguments about
limitation (rogers)
theory of the crowd (freud) - developed ‘s’ curve
what is the ‘s’ curve
- measure of the speed of adoption of an innovation
- central to thinking about customer adoption of new technology