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

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How to breakthrough the consumer characteristics

- Consumer oriented new product development!

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