By Jakki Mohr, Sanjit Sengupta, Stanley Slater
The prior few years have visible major demanding situations together with hovering gasoline and nutrition bills, weather swap, ongoing poverty and human wishes in constructing nations, and an risky international political setting. fixing those urgent difficulties calls for a multifaceted strategy, with a key point being the improvement of recent applied sciences. New and proven high-tech businesses alike are delivering innovative options for transportation and effective power iteration. Social marketers and companies of all sizes are pioneering new items and enterprise versions, even for base-of-the-pyramid markets (comprised of people who've low disposable incomes). using businesses' enterprise concepts is an expanding specialize in the triple final analysis of individuals, gains, and planet. whereas the demanding situations are definitely daunting, it really is a thrilling time to be in tech!
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Additional resources for Marketing of High-Technology Products and Innovations
Indeed, the world of high technology is filled with both promise and peril. Promise arises from the potential advantages that these new technologies offer: to alleviate human suffering, to enhance people’s lives, to make businesses more efficient and effective, to solve social problems, to chart unexplored territories—seemingly infinite possibilities. On the other hand, the peril arises not only from the risks of the technology—say, through unintended consequences or the misuse of technology—but also from the risks faced by a new technology; the largest risk is commercial failure and the inability to deliver on its promise.
18 High technology generally refers to cutting-edge or advanced technology—which means that the definition shifts over time. What was “high tech” in the 1960s—for example, a color TV—would be considered primitive technology by today’s standards. This fuzzy definition has led to companies describing nearly all new products as high tech. Innovation generally refers to introducing something new, with the intent either to increase value (either to customers or producers) or to solve some problem. These new “things” can include ideas, methods, digital content, or devices.
Competitive volatility has three dimensions; firms experience uncertainty about (1) who their competitors are, (2) their competitors’ market strategies, and (3) their competitors’ product offerings. First, uncertainty exists over which firms will be new competitors in the future. 44 Typically, because the most disruptive competitive threats use different technological platforms/underpinnings, they often don’t appear on the radar screen during a company’s traditional environmental scanning/competitive intelligence surveys.