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High-Tech Marketing > Week 7-Shifa > Flashcards

Week 7-Shifa Flashcards

1
Q

Innovation and diffusion of technology in products and services by Evers er al 2020. How do they define innovation?

A
  • 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
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2
Q

What makes high-tech marketing complex? (7 things)

A
  1. high rates of product obsolescence
  2. high levels of technology and market uncertainty
  3. constantly managing interaction
  4. tech firms will always invest in R&D.. but sales spend and marketing spend drive growth
  5. buyers don’t always see the benefit of the new tech
  6. buyer wants to stall buying until the offer is seen as less risky
  7. buyer struggle to articulate their needs
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3
Q

What are types of different innovation? (Evers et al 2020)

A

product
process
platform
infrastructure
incremental vs radical
disruptive

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4
Q

what is product innovation

A

new materials, specs, functional benefits

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5
Q

what is process innovation

A

new or better way of creating or delivering a product

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6
Q

what is infrastructure innovation

A

higher level; wire technology
system ie 5G, blockchain

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7
Q

what is platform innovation

A

newer category, new ways of getting to the market

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8
Q

what is incremental vs radical innovation

A

degree of technology (incremental)
novelty(radical)

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9
Q

what is disrputive innovation

A

impact on wider system

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10
Q

what is radical innovation in terms of what does it do

A
  1. offer a breakthrough solution to an exisitng problem
  2. requires a change in user behaviour
    microwave, dishwasher
  3. replaces technology
    from vinyln to streaming
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11
Q

what is disruptive innovation in terms of what it does

A
  1. presents an entrepreneurial opportunity
  2. disrupts the competition
  3. unlocks growth through a new market
  4. creates new value for users
    simpler, cheaper, tends to start as lower quality
  5. requires change in user behaviour
  6. but can wipe out jobs, companies and communities
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12
Q

what is a positive sum approach to innovation? (in contrast with zero sum)

A
  1. identify and solve a brand new problem or seize a brand
  2. redefine an existing industry problem and solve it
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13
Q

give an examples of types of indusrty that have a postive sum approach to innovation

A
  1. micro finance
  2. online dating
  3. crowdfunding
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14
Q

diffusion of innovation (Gabriel Tarde)
did what? and created what?

A
  1. studied the group mind and social interaction
  2. underpines arguments about
    limitation (rogers)
    theory of the crowd (freud)
  3. developed ‘s’ curve
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15
Q

what is the ‘s’ curve

A
  1. measure of the speed of adoption of an innovation
  2. central to thinking about customer adoption of new technology
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16
Q

what are some functional barriers to innovation?

A
  1. usage: perceived value
  2. value: perceived price (time spent etc)
  3. risk: perceived security or health risk
17
Q

what are some psychological barriers to innovation?

A
  1. image: self-image incongruence
  2. tradition: need for human interaction
  3. technology vulnerability: anxiety, dependence
18
Q

What are some individual barriers to innovation?

A
  1. inertia
  2. ideological skepticism
  3. demographics
19
Q

Innovation and diffusion of technology in products and services by Evers er al 2020. what is a product innovation?

A
  • the intro of a good or service that is new or improved by a lot with respect to its characteristics or intended uses
20
Q

Innovation and diffusion of technology in products and services by Evers er al 2020. what is a process innovation?

A
  • the implementation of a new or very improved production or delivery method
21
Q

Innovation and diffusion of technology in products and services by Evers er al 2020. what characteristics make an innovation disruptive?

A
  • solution is simpler and lower quality
  • solution is more user friendly
  • solution is cheaper
21
Q

Innovation and diffusion of technology in products and services by Evers er al 2020. what is the five categories of adopters?

A
  1. innovators
  2. early adopters
  3. early majority
  4. later majority
  5. laggards
22
Q

Innovation and diffusion of technology in products and services by Evers er al 2020. what are the five attributes of an innovation that determines the rate of adoption and success?

A
  1. relative advantage
  2. compatibility
  3. complexity
  4. trialability
  5. observability
23
Q

Innovation and diffusion of technology in products and services by Evers er al 2020. what are the five stages of an individual mental process to adopt innovation?

A
  1. knowledge: becomes aware of innovation and has some ideas of how it functions
  2. persuasion: forms a favourable or unfavourable attitude towards the innovation
  3. decision: engages in activities that lead to the decision to adopt or reject
  4. implementation: puts the innovation into use
  5. confirmation: evaluates the results of the innovation

High-Tech Marketing (12 decks)

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