Summary: An Empirically-Based Typology Of Product Innovativeness For New Financial Services: ...

Read the summary and the most important questions on An empirically-based typology of product innovativeness for new financial services: Success and failure scenario's

• 1 Introduction

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• Why is distinguishing among high and low innovativeness important in examining success/failure factors?

  Because uncertainty associated with really new compared to incremental
  products is much higher.

• What is the research question that still remains unanswered?

  Whether various dimensions can be combined in an attempt to develop an empirically-based typology of product innovativeness that would reflect the actual innovative types of offerings (and their characteristics) that compete in the market.

• 2 Conceptual Framework

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• Which 3 components of new service development are managed by the company? 

  1. The «what» component of the NSD process, which comprises the development activities that lead to the creation of new services;
     
  2. The «how» component of the NSD process, which deals with the way the process is examined, in terms of three process formality dimensions, i.e., systematic behavior, documentation, and assignment of responsibilities during NSD;
  3. The «who» component of the NSD process, which involves the degree of cross-functional involvement in the development of new services.
     

• 2.4 New service development activities

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• What do these activities involve?

  1. Idea generation and screening;
     
  2. Business analysis and marketing strategy;
  3. Technical development;
  4. Testing;
  5. Commercialization/launching and post launch analysis of the service.
     

• Where does idea generation refer to?

  To the initial go/no go development decision after examining alternative ideas and assessing them against specific market-based and technical criteria.

• Where does business analysis and marketing strategy refer to?

  A cost-benefit analysis of the new venture, based on an analysis of market conditions, trends, customer needs, and the investment needed for developing and promoting the new offering.

• Where does commercialization/launching and post launch analysis refer to?

  To the fall-scale introduction of the service to the market and the evaluation of its performance.

• 2.5 NSD process formality

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• Where does systematic behaviour refer to?

  To the degree to which regular systematic procedures and rules govern
  the development process.

• Where does assignment of responsibilities refer to?

  To the presence and/or degree of defined and specialized roles and assigned responsibilities regarding service development decision making.

• 2.7 New service performance

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• Why do services providers have difficulity in sustaining a competitive advantage?

  Because their offerings are largely intangible and therefore, not patentable. Consequently, imitative rivals can easily free-ride on innovative services at a lower cost.