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LN8-Management of Technology, Innovation and Entrepreneurship, G6…

- - - - Apple's iPhone
        
        The cycle of increased value through users and apps
        
        .Apple's iPhone Ecosystem
        
        """""Technological Innovations"""""
        
        Apple's iPhone Market Penetration
    - - Switching Costs
        
        The cost barrier of changing technologies
    - - Indirect Effect
        
        Complementary products/services enhance value
    - - Direct Effect
        
        The more users, the greater the value
- - - - Established norms in the market (Microsoft OS, Intel CPU)
    - - Norms for interoperability (USB, TCP/IP)
      - Slots and standard components for compatibility (RAM, peripherals)
- - - - Differences of existing products
        
        Smartphone :iphone:
    - - Adapt minor changes to existing products
        
        4G to 5G :signal_strength:
  - - - Make the original product or service better
        
        IPHONE 10 v.s. IPHONE 15 :iphone:
    - - Create new demands and Expand market size
        
        Amazon :truck:
  - - - Product and Service of company
    - - Technology for selling goods or services
  - - - Changes one part and not affect all design
    - - Change the overall design
- - - - a relative degree, not in 0 & 1
      - it is seemed as a process
    - - product innovation
      - process innovation
  - - - strong connections with customers, suppliers, complementors
    - - from basic knowledge to commercialization is getting shorter
      - innovation is the process from basic theory into application
  - - - Innovation funnel
        
        Most innovative ideas do not become successful new products.
        
        unwritten(3,000)
        
        submitted(300)
        
        small project(125)
        
        major development(4)
        
        1 more item...
      - From Knowledge Generation to
        Diffusion
        
        Generation
        
        Invention
        
        Invention Commercialization
        
        Diffusion
        
        supply
        
        1 more item...
        
        demand
        
        1 more item...
- - - - Short-term Advantage
        
        create
        
        disuse
        
        Radical Innovation
        
        Time
        
        Incremental Innovation
- - - - 34%
        
        13.5%
        
        2.5%
  - - - Early Majority
        
        Early Adopters
        
        Innovators
  - - - Care about product practicality
        
        Main Mover
- - - - Obsolete due to new Discontinuous Technologies
        
        Propeller aircraft :arrow_right: Jet plane :airplane:
    - - First car v.s. Carriage :check:
        
        Performance improvements are very slow and expensive, so it is better to invest in incumbent technology.
      - Creative Destruction
- - - - Product/Service Attributes
        
        Complimentary Activities
        
        work together synergistically to create value
        
        proliferation of brands
        
        creating multiple brands under one parent company
      - Target Customer Group
        
        Segmentation
        
        Different than
        
        Differentation
        
        Focuses on making a product or service unique and appealing
        
        Identifying and targeting specific groups of customers
    - - Integrator
  - - - large-scale production leads to lower costs
        
        Specialization
        
        Greater specialization = Greater division of labor
    - - Reduction of costs as a result of accumulated experience overtime (repetition)
    - - Cost advantages by producing a variety of products or services
    - - Designing products in a way that optimizes their manufacturability
    - - firms in an industry do not necessarily pay the same price for identical inputs
        
        Locational differences
    - - Indicator
        
        If demand increases = capacity utilization increases & vice versa
        
        Flexibility
    - - Depends on the firm’s ability to eliminate organizational slack or X-inefficiency
        
        Organizational Culture
- - - - Harley-Davidson in motorcycles
    - - Amazon.com online book and CD retailing
    - - Nestle Nespresso system
    - - New entrants
        
        CNN in news broadcasting
      - Existing firms on periphery
        
        Sun Records in Rock n Roll music
      - Firms from adjacent industries
        
        Apple in consumer electronics
- - - - being cheapest in the market
    - - customers who prioritize low cost (broad)
  - - - unique and special products
    - - customers who value quality and uniqueness ( broad)
  - - - serving specific group of customers really well
    - - narrow segment of market
        
        meet the needs of customer better than broader competitors
- - - - paperless transactions
      - minimize staffing
      - No need for a permanent retail location
  - - - meets customer needs and preferences
    - - through online advertising platforms
  - - - minimize errors
        
        reduce cost
    - - by gaining insights into customer preferences and optimize their supply chains