Strategies for launching technological innovations
-
Upload
malvin-lagrisola -
Category
Business
-
view
404 -
download
2
description
Transcript of Strategies for launching technological innovations
Strategies for Launching Technological Innovations
Developing Market Strategies
“Creativity and Innovation are essential to all organization’s growth and performance in the
global market place…”
INNOVATION takes many forms including new goods and services,
organizational processes and business model.
It is important to recognized which innovation opportunities to grab or
pursue.
Therefore, it is a MUST in every and all company to
create a culture of innovation.
(1) Explorer(2) Pioneers(3) Skeptics(4) Paranoids(5) Laggards
Based on the researched done by Parasuraman and Colby. The said research was based on the
attitudes toward optimism and innovations (which
drive adoption) and discomport and security (which inhibit adoption).
Kinds of ”Techno-ready consumers”
Explorers are extremely high on the drivers of technology readiness and
very low on inhibitors such as discomfort and security. They are
usually younger, upscale and male. They comprise the first wave of
adopters of innovation.
(1) EXPLORERKinds of ”Techno-ready
consumers”
Pioneers desire the benefits of the innovation but are more practical
about the difficulties. Pioneers tend to be young, middle class and success-
oriented.
(2) PioneersKinds of ”Techno-ready
consumers”
Skeptics are low in optimism and innovation but might buy eventually if
they are convinced of the benefits. They are the average age and upper
middle class.
(3) SkepticsKinds of ”Techno-ready
consumers”
Paranoids are optimistic about technology but do not tend to adopt
innovations. They exhibit a high degree of discomfort and insecurity. They tend to be the middle aged and
have lower incomes.
(4) ParanoidsKinds of ”Techno-ready
consumers”
Laggards are pessimistic and have little interest in innovations. They are
characterized by discomfort and insecurity. They tend to be the older
and have lower incomes.
(5) LaggardsKinds of ”Techno-ready
consumers”
PARASURAMAN AND COLBY RECOMMENDED STRATEGIES
TECHNOLOGY EVANGELISMFUTURE-READY DESIGN
PROVING BENEFITSMARKET-STAGE PRICING
Some additional practices to improve
ADOPTION PROCESS
Customer-Focused DesignResponsive Customer Care
Reassuring Communications
FIVE (5) ADOPTION GROUPS
InnovatorsEarly AdoptersEarly MajorityLate Majority
Laggards
Each of the five groups must be
approached with a different type of
marketing if the firm wants to move its
innovation through the full product life
cycle.
the consumer-adoption processHow do potential consumers learn
about new products, try them, and adopt or reject them?(Adoption is an individual’s decision to become
a regular user of a product)The consumer-adoption process is latter
followed by the consumer-loyalty process, which is be concern of the established producer.
Years ago, new-product marketers used a mass-market approach to launch products. This approach had two main drawbacks. (1) It called for heavy marketing expenditures, and (2) it involved many wasted exposures.
These drawbacks led to the second approach, heavy-user target marketing. This approach makes sense, provided that heavy users are identifiable and are early adopters. However, even within the heavy-user group, many heavy users are loyal to the existing brands. New-product marketers now aim at consumers who are early adopters.
stages in adoption process1.Awareness
2.Interest3.Evaluation
4.Trial5.Adoption
The new-product marketer should facilitate movement through these stages.
factors affecting adoption process
• READINESS TO TRY NEW PRODUCTS AND PERSONAL INFLUENCE
• CHARACTERISTICS OF INNOVATION
• ORGANIZATION’S READINESS TO ADOPT INNOVATIONS
Many firms target lead users or innovators with their new products,
with the assumption that their adoption will trickle down to
influence the broader market. Other disagree with this approach and
contend that the most efficient and quickiest route is to target the
broader or even mass-market directly.
TAKE A POSITION:
New products should always
target new adopters
versusNew products
should target the broadest market
possible
YESTERDAY is HISTORY.TOMORROW is a
MYSTERY.TODAY is a GIFT…
(that is why its called PRESENT)