Chapter 3: Market adoption and technology - Coggle Diagram
Chapter 3: Market adoption and technology
Time lag between innovation and useable product
e.g. driverless cars, drones
Industry product development times e.g. aircraft and pharmaceutical product
Innovation and the market'
innovative new products and consumption patterns
Marketing insights to facilitate innovation
Which application should be pursued first?
What benefits can the proposed product offer to potential customers?
what are the potential application of a technology as a product?
What is the potential market size and is this sufficient?
expect high level of benefits from the product
develop their own innovation and aplication
recognise requirements early
perceived to be pioneering and innovative
Crowdsourcing for new product ideas
Ask which product customers would like produced
Ask which products customers prefer
Ask customers to name the new product
Ask customers for new product variations
Frugal innovation is the process of reducing the complexity and cost of a good and its production. usually this refers to removing non-essential features from a durable good to sell it in developing countries