Technology Innovation - What is Innovation?

Foryanto Jaya Wiguna's Channel

28 Nov 202105:23

Summary

TLDRThis video script delves into the concept of technology innovation, defining it as the process of transforming ideas into valuable goods or services. It outlines four types of innovation: breakthrough, basic research, sustaining, and disruptive. The script emphasizes the importance of understanding customer needs and the decision-making process, which includes need recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior. It also highlights various presentation methods for business ideas, such as storytelling and immersive presentations, to engage and satisfy customers.

Takeaways

🌟 Innovation is the process of translating ideas or inventions into goods or services that customers value and are willing to pay for.
🚀 There are four types of innovation: breakthrough, basic research, sustaining, and disruptive. Each serves a different purpose in the market and customer satisfaction.
📱 Breakthrough innovation refers to unique or state-of-the-art technological advances that significantly alter market consumption patterns, such as the iPhone.
🔬 Basic research involves systematic study aimed at increasing fundamental knowledge without specific applications in mind, often related to long-term national security needs.
🛠️ Sustaining innovation improves existing products to develop existing markets with better value, allowing companies to compete effectively.
💥 Disruptive innovation creates a new market and value network, eventually disrupting an existing market by meeting unmet customer needs.
📈 Top 10 idea presentations in business include storytelling, musical, video, photo, immersive, question, demonstrative, humorous, animated, and prop presentations.
🧐 Understanding customer needs is crucial for business success, and it's important to identify and address all aspects of customer needs in product development.
🤔 The top five myths about customer needs highlight the importance of truly understanding what customers want and need, rather than making assumptions.
🛒 The decision-making process involves five stages: need recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior, each impacting customer satisfaction.

Q & A

What is the definition of innovation in the context of technology?
-Innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay.
What are the four types of innovation mentioned in the script?
-The four types of innovation are breakthrough innovation, basic research, sustaining innovation, and disruptive innovation.
Can you provide an example of breakthrough innovation?
-An example of breakthrough innovation is the iPhone, which harnessed new technology to bring a fundamentally new product to market, creating new demand.
What is the purpose of basic research in innovation?
-Basic research is a systematic study aimed at increasing fundamental knowledge and understanding in various scientific fields without specific applications towards processes or products in mind.
How does sustaining innovation differ from breakthrough innovation?
-Sustaining innovation improves existing products and develops existing markets with better value, rather than creating new markets like breakthrough innovation.
What is the impact of disruptive innovation on existing markets?
-Disruptive innovation helps create a new market and value network, eventually disrupting an existing market and value network.
Why is it important to understand customer needs in technology innovation?
-Understanding customer needs is crucial as it helps businesses meet the demands and expectations of customers, which is one of the top priorities in business.
What are the top five myths about customer needs mentioned in the script?
-The script does not explicitly list the top five myths about customer needs, but it emphasizes the importance of knowing customer needs for successful innovation.
Can you describe the decision-making process in the context of customer behavior?
-The decision-making process includes need recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior.
What triggers the first stage of the decision-making process?
-The first stage, need recognition or problem recognition, is triggered by a need or problem that the shopper tries to satisfy or solve.
How does post-purchase behavior relate to customer satisfaction?
-Post-purchase behavior is directly related to customer satisfaction, as it involves evaluating the experience according to their original needs, which influences repeat business.

Outlines

00:00

🚀 Innovation in Technology

This paragraph delves into the concept of technological innovation, defining it as the process of translating ideas or inventions into goods or services that create value. Innovations must be economically replicable and meet specific business needs. The paragraph outlines four types of innovation: breakthrough, basic research, sustaining, and disruptive. Breakthrough innovation, exemplified by the iPhone, introduces state-of-the-art technological advances that significantly alter market consumption patterns. Basic research focuses on increasing fundamental knowledge without immediate application in mind. Sustaining innovation improves existing products without creating new markets, while disruptive innovation creates new markets and disrupts existing ones. The paragraph also emphasizes the importance of understanding customer needs and decision-making processes in business innovation, highlighting storytelling, musical, video, photo, immersive, question, demonstrative, humorous, animated, and prop presentations as top idea presentation methods.

05:01

📊 Customer Satisfaction and Decision Making

The second paragraph focuses on customer satisfaction, which is directly related to how consumers evaluate their experience with a product or service against their original needs. It also discusses the decision-making process in purchasing, which is crucial for business success. The process includes five stages: need recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior. Each stage is critical in understanding how consumers identify their needs, seek information, evaluate alternatives, make purchase decisions, and exhibit post-purchase behaviors that can influence future business strategies.

Mindmap

Keywords

💡Innovation

Innovation refers to the process of translating an idea or invention into a good or service that creates value or for which customers are willing to pay. It is central to the video's theme as it discusses various types of innovation and their impact on business and customer satisfaction. The script mentions that innovation must be replicable at an economical cost and satisfy a specific need, highlighting its importance in business strategy and product development.

💡Breakthrough Innovation

Breakthrough innovation is described as innovations that are unique or state-of-the-art technological advances in a product category that significantly alter the consumption patterns of a market. The iPhone is given as an example in the script, illustrating how Apple harnessed new technology to bring a fundamentally new product to market, creating new demand and revolutionizing the smartphone industry.

💡Basic Research

Basic research is defined as a systematic study aimed at increasing fundamental knowledge or understanding of phenomena without specific applications towards processes or products in mind. It is related to the video's theme as it forms the foundation for future innovations and technological advancements. The script emphasizes its role in scientific study and experimentation, particularly in fields related to long-term national security needs.

💡Sustaining Innovation

Sustaining innovation is the process of improving existing products to develop existing markets with better value, allowing companies to compete against each other's sustaining improvements. This concept is integral to the video's discussion on innovation types, as it shows how companies can maintain their market position by enhancing their current offerings rather than creating entirely new markets.

💡Disruptive Innovation

Disruptive innovation is the type of innovation that creates a new market and value network, eventually disrupting an existing market and value network. The video script points out that while the concept of disruptive technology is widely used, disruptive innovation is a more useful concept because few technologies are intrinsically disruptive. This term is crucial for understanding how some innovations can lead to significant market shifts.

💡Idea Presentation

Idea presentation is a method of conveying information or ideas, with the video script listing several types such as storytelling, musical, video, photo, immersive, question, demonstrative, humorous, animated, and prop presentations. These presentations are essential for communicating innovative ideas effectively to stakeholders, customers, or investors, and the script suggests that the choice of presentation style can greatly influence the reception and impact of the presented ideas.

💡Customer Needs

Customer needs are the demands and expectations of customers that businesses aim to meet. The video script emphasizes the importance of understanding customer needs for successful innovation and business practices. It suggests that entrepreneurs and innovators should list down all important aspects of customer needs in every product they produce, indicating that meeting these needs is key to customer satisfaction and business success.

💡Decision-Making Process

The decision-making process is a critical task for businesses, as it involves stages such as need recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior. The video script outlines this process to illustrate how businesses can better understand and cater to their customers' needs. Each stage is essential for guiding the customer towards a purchase and ensuring satisfaction with the product or service.

💡Need Recognition

Need recognition, also known as problem recognition, is the first stage of the decision-making process where a consumer identifies a need or problem they wish to satisfy or solve. The video script mentions that this is the trigger for all purchases, emphasizing the importance of recognizing customer needs early in the process to guide the subsequent stages of decision-making and ultimately lead to a successful purchase.

💡Information Search

Information search is the stage in the decision-making process where consumers seek information to help fulfill their recognized needs. The video script highlights the potential for this stage to be frustrating and overwhelming if customers cannot find the right product or solution, underscoring the importance of providing accessible and relevant information to assist customers in their decision-making.

💡Post-Purchase Behavior

Post-purchase behavior refers to the actions and evaluations consumers take after purchasing a product or service. The video script connects this concept to customer satisfaction and repeat business, indicating that how a consumer evaluates their experience directly affects their likelihood of making future purchases. This keyword is crucial for understanding the long-term impact of customer satisfaction on business success.

Highlights

Innovation is the process of translating ideas or inventions into goods or services that create value.

An idea must be replicable at an economical cost and satisfy a specific business need to be considered an innovation.

Innovation often occurs when companies apply ideas to meet customer needs and expectations.

There are four types of innovation: breakthrough, basic research, sustaining, and disruptive.

Breakthrough innovation introduces unique or state-of-the-art technological advances that alter market consumption patterns, like the iPhone.

Basic research is a systematic study aimed at increasing fundamental knowledge without specific applications in mind.

Sustaining innovation improves existing products, enhancing value within existing markets.

Disruptive innovation creates new markets and value networks, eventually disrupting existing ones.

Few technologies are intrinsically disruptive; disruptive innovation is a more useful concept.

Top 10 idea presentations in business include storytelling, musical, video, photo, immersive, question, demonstrative, humorous, animated, and prop presentations.

Understanding customer needs is crucial for meeting demands and is a top priority in business.

Listing all important aspects of customer needs for every product is essential for entrepreneurs and innovators.

There are top five myths about customer needs that businesses should be aware of.

The decision-making process in business includes need recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior.

Need recognition is the trigger for all purchases, as shoppers seek to satisfy or solve a need or problem.

Information search is a critical stage where consumers seek data to fulfill their needs, which can be frustrating if not well-facilitated.

Alternative evaluation allows consumers to assess options based on the data they've gathered.

The purchase decision is made after considering all relevant solutions to the consumer's shopping needs.

Post-purchase behavior is influenced by customer satisfaction and their evaluation of the experience against original needs.