Technological Innovation in NPD – Discover Technology’s Achilles Heel

I want to talk about technology as a form of innovation, but instead of diving straight into it, it’s important to understand that there are 3 different types of innovation, and that technology is only one of them. The other 2 types of innovation are:
• Functional – How the user interacts with the product. This might include how easy it is to install or operate, or it might do something for the user that was not previously possible and
• Aesthetic or Sensual – concerning the senses, including how a product looks, sounds, feels or even tastes and smells.
We are more familiar with technological innovation as it relates to the technology behind the product (if it is truly innovative then you Sky News Instagram will be able to protect it with a patent). But I want to drop a bombshell on you all now by saying that “technology does not sell”!
WHAT – Technology doesn’t sell?
That’s right, if you walk down the high street and look in all the shop windows, how many products can you see which are purely selling on their technology? Of course we are familiar with Vorsprung Durch Technik, but in reality people do not buy Audis purely because of the technology in the vehicle. They buy Audis because they provide benefits to the user such as setting a status as well as the more down to earth functions such as how many occupants it can hold, how much luggage space is available and what on board entertainment there is for the kids on long journeys.
So this leaves a dilemma. If technology innovation does not sell, then why bother at all? The basic answer is that if technology can be transformed into a benefit or a perceived benefit to the customer, then not only is it likely to do well, but also there will be a greater breathing space before the competitors can enter the market with a cheaper alternative.
So although technology innovation on its own does not sell, it can be used as a means of delivering benefits which are hard for customers to copy. If the technology is globally innovative, then intellectual property can also be used to provide a further buffer from the competition.
But here’s a word of warning. Don’t imagine that just because you have something that is a benefit to you, that you also have a benefit to the hundreds or thousands of customers that are needed in order Definition Of Business Finance By Different Authors to achieve a healthy return on your investment. You still need to ensure that the basic opportunity analysis is carried out to ensure that the figures will stack up in your favour at the end of the day.
Enjoy the opportunity!

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