Success of innovation in the marketplace - Innovation is a must but
4 important questions on Success of innovation in the marketplace - Innovation is a must but
Firm based views on innovation
- Foster a spirit of innovation within the company
attract and retain creative employees and improve productivity
- Create first mover barriers (patents/ preemption of competitive space)
capitalize on unique competencies and experience curve
- Synergies with marketing, management, engineering & production
- Capitalize on sales and marketing skills in the company
- May lack synergy with core competencies & organisation of the firm
- Adequate resource for management of the process may be lacking
- Internal and external marketing support may be missing
What can consumer based views on innovation trigger?
- May trigger product trial, variety seeking & need satisfaction
- May trigger consumer excitement & generate positive word of mouth
What characteristics of consumers concerned with innovation are important?
- Consumers are generally risk averse to new products
- Consumers may resist learning
- Consumers may lack motivation to change behavioral patterns
- Higher grades + faster learning
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How to breakthrough the consumer characteristics
- Consumer oriented new product development!
The question on the page originate from the summary of the following study material:
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