Customers Perspective and Discontinuous Innovations:
Innovations can be of three types, on the basis of the extent of change they cause in consumer’s existing habits-Discontinuous innovations, dynamically continuous innovations and Continuous innovations. The classification of an innovation along the above lines is done on the basis of the extent to which the innovation causes change in existing customer habits. Therefore, the type of innovation depends on the type of customer towards which it is aimed at. Discontinuous innovations by their very nature are discontinuous to every customer segment, since they comprise new to the world products only.
Continuous Innovations and Dynamically Continuous:
Continuous innovation is the other extreme where an existing product undergoes marginal changes, without altering customer habits. Sometimes the customer may not even perceive these products to be new though the company may invest a lot of money to improve its existing products. For instance, a shampoo which is different for existing products only in its brand name, fragrance, color, and packaging is also a new product, though it is a continuous innovation.
Company’s Perspective:
A company may define an innovation differently based on what the company tries to achieve from the new product. Addition to existing line, for instance, addition of new brands, new technologies, new varieties of flavors, fragrances, SKUs product forms etc. New products lines, when the company moves to new product lines that hitherto did not exist in their portfolio. It widens the company’s product mix.
New to the world products are those products that create entirely new markets. These products carry the highest risk since it is difficult to predict customers’ reaction. Marketing research will be unreliable in predicting demand as people do not really understand the full benefits of the product until they get a chance to experience them.. It may take time for the products to be accepted. But if and when these products are accepted, the company’s gains are huge.
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