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Innovation (The Innovation Funnel (Step 1 "The Wide Mouth"…

- - - - When you have the technology + have to design a product that would use the tech
      - Usually has more immediate payback than pull marketing
      - Uses targeting + segmentation to "push" specialised marketing messages
      - Market research can be helpful for testing an idea rather than generating an idea
      - Customers are good for enhancing an existing product as they can tell you all the positives + negatives
    - - When there's a need in the market so you design a product to meet that need
      - Need is identified by potential customers or market research
      - E.g Development of the digital camera: 20 years ago there was a 'market' for a camera w/out film - market pull eventually led to the development of this
      - Helps grow new potential customers
      - Designing a product w/ solely the customer's input is impossible bc everyone wants different things
  - - - Refers to a change in the product
      - Can either be an improvement in the performance of a product, e.g an increase in digital camera resolution, OR new features of a product
      - Often visible to the customers
      - Targets product improvement
      - Dominates in the early stages of production bc firms experiment w/ features, design etc. + consumers aren't clear on what they need
    - - Involves improvement in the process of producing a product
      - E.g better media planning, improved manufacturing process
      - Often not visible to customers
      - Targets cost improvements
      - Dominates later on, when firms focus on efficiency bc technological + market uncertainty reduces
  - - - Get external collaborators to come + help develop a product. They need to feel that there's a shared ownership
      - Using external ideas as well as internal to move forward in the innovation process
      - Seeks the best knowledge [wherever it may be] + promotes the exchange of ideas beyond the limits of the company
    - - Developers copyright the source code, trademark logo etc. + product is owned solely by that company
      - From the beginning to end the process occurs exclusively within the company
      - No collaboration w/ other market players : :
      - Believes that solutions can come from within, so bc of this is can be expensive bc it's necessary to hire the best talent [researchers, technicians etc]