Case Study 7
Case Study 7
Timing plays an important role when it comes to innovation. If a product is not introduced to market at the right time, a product that could have otherwise been successful could fail. A successful company will introduce a product when it is fully-functioning and backed by critical partners. Other companies try to take a different route to success. There are different reasons why a company might ignore the traditional route of entering market. One is that sometimes firms purposely enter the market without having any established strategic partnerships within the adoption network with the assumption that once the innovation starts becoming successful, the critical players will support the innovation on their own accord (Bessant & Tidd, 2011, p. 332). The problem with this is that without the proper support, even if the product experiences unexpected growth in the beginning it is likely to never reach the bulk of their target market. It is important for these companies to gain the benefits of these strategic partnerships upon release of the product so that they can reach large-scale acceptance (Bessant & Tidd, 2011, p. 332). Another reason why firms try to rush to market is to try and set the technological standard for an idea, along with to start recovering from their investments in the product. What firms sometimes do not realize is that when they rush their product into market, there are likely to be imperfections with its performance. The customers who buy the product early are the ones the firm should be striving to impress and the ones who have the highest expectations; they are oftentimes the most valuable customers. When the product is not satisfactory, these customers could be disappointed which is likely to affect their future purchases from your company. POSITIONING
Like timing, the positioning of a product is also important to its innovation cycle. When a...
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