Technologie und Innovationsmanagement (Subject) / 8.Market introduction (Lesson)

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• What is adoption? Adoption is an individual process detailing the series of stages one undergoes from first hearing about an innovation to finally adopting it. Adoption describes the individual perspective
• What is diffusion? Diffusion is the process by which an innovation is communicated through certain channels over time among the members of a social system. Diffusion describes the market perspective of innovation diffusion
• What do you know about der adoption process? best known model from Rogers models are mainly high-involvement processes phase classification does not necessarily imply a strictly sequential process
• The adoption process starts... ...with perception and evaluation The perception and evaluation phase are especially influenced by the characteristics of the adopter as well as the perceived innovation characteristics
• How can an individual overcome the perception barrier? Relevant: terminology, attributes, attribute characteristics, product use "Selective Exposure": Which information reaches the individual? "Selective Attention": Which information is perceived Offers that do not overcome this barrier do not reach the "Evoked Set" ("passive rejection") In reality: Information reception does not end with this phase
• Describe the evaluation process, how is the linking process of the individual modelled? In this phase the individual compares the perceived information with his/her personal situation and goals Basis= Perceptions (not objective reality) The linking process of the individual is modelled in different ways Models originate predominantly from psychology - Theory of reasoned action - Theory of planned behaviour
• What does the theory of planned behavior by Aijzen explain? What is the intention of an individual to behave a certain way influeced by? The theory of planned behavior by Aijzen explains the sequence of the evaluation The intention of an individual to behave in a certain way is directly influenced by the "attitide" of the individual, the "subjective norms" he or she faces, and the "control of behaviour" (factual constraints)
• What is perceived behavioral Control? PBC reflects internal and external constraints that affect the behavior of the individual. It reflects the perceived simplicity or difficulty of showing a certain behavior or having possibilietes for control
• What do you know about the decision phase? it leads to first adoption of innovation in the decision phase, the innovation is "adopted" Observable behaviour Partial "re-invention" often: high demand for information after adoption
• Name the five groups of adopters (by Rogers) Innovators, early adopters, early majority, late majority, leggards
• What does the typology by Rogers do? What is the Hypothesis about the Innovator? Categorization of adopters in relation to market share of the innovation is supported by empirical studies Innovator is willing to take risks, open to changes, less dogmatic, higher social status, higher level of education, better social interation
• What are the four Characteristics of the consumer/demander? Socio-economic factors personality characteristics communication behaviour previous knowledge and experiences
• Name the 6 innovation characteristics according to Rogers? Why should one adress these properties? Relative advantage Complexity Compatibility Perceptibility Testability Perceived risk By adressing these properties, the adoption behavior can be influenced in a dedicated way
• Why is diffusion considered a social process? Explain (3 points) For most members of social systems, the adoption decision depends heavily on the adoption decisions of other members the more people accept an innovation, the lower the perceived adoption risk the result is an S-shaped diffusion curve (integral of the adoption curve)
• Explain the decision-making processes in situations with risks according to the prospect theory. People evaluate the attractiveness of an alternative not according to its objective, actual value, but according to its subjective, perceived value consumers evaluate new products or investments against a reference value, usually the products they already own or consume. People see improvements to this reference point as gains and deteriorations as losses.
• Name the 4 perceptual biases that influence buying behavior Status quo bias 1.Gossen's law loss aversion endowment effect
• What do you know about the psychology of new product adoption Consumers and companies assess the benefits and the corresponding need of existing and new products differently
• The success of product changes is highly dependent on... ...the related degree of behavioral change
• What are possible actions in case of "Long hauls" Be patiernt and expect slow adoption goal is to realize 10-fold benefit (e.g. Intel) Eliminate existing alternatives Trim for compatibility Adress ne customers Adress special customers
• Describe the Problems of "crossing the chasm" The transition from Early Market phase, marked by Enthusiasts ("Innovators") and Visionaries ("Early Adopters"), to a more mature market, dominated by pragmatic customers ("Early Majority"), is often managed in the wrong way. Problem: The two consumer segments are fundamentally different. Success factors of the early phase of the market can become ieffective in the more mature phase
• Describe visionaries are adventurous, with an affinity for risk are "Innovators", "Early Adopters" need state-of-the-art products want to throw over industry standards think and invest big focus core product properties prefer suppliers with the fastest, smallest, lightest solution etc. prefer elegant architectures tolerate childhood diseases focus product costs
• Describe pragmatists are cautious, risk avers are "Early Majority" have a "wait-and-see" attitude need solutions that fit the industry standard, focus ond all aspects of the market offer prefer suppliers with the largest customer base & with many partners (complementary products) want product service want a faultless and reliable product focus on total cost of ownership (TCO)

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