Technology Innovation - What is Innovation?
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
🚀 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.
📊 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
💡Breakthrough Innovation
💡Basic Research
💡Sustaining Innovation
💡Disruptive Innovation
💡Idea Presentation
💡Customer Needs
💡Decision-Making Process
💡Need Recognition
💡Information Search
💡Post-Purchase Behavior
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.
Transcripts
technology innovation
what is innovation the process of
translating an idea or invention into a
good or service that creates value or
for which customers will pay to be
called an innovation an idea must be
replicable at an economical cost and
must satisfy a specific need in business
innovation often results when ideas are
applied by the company in order to
further satisfy the needs and
expectations of the customers
[Music]
there are four types of innovation we
have
one breakthrough innovation two basic
research
three sustaining innovation and 4
disruptive innovation
breakthrough innovation 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 an examples of breakthrough
innovation
by harnessing new technology apple was
able to bring a fundamentally new
product to market creating new demand in
the process
basic research is systematic study
directed toward greater knowledge or
understanding of the fundamental aspects
of phenomena and of observable facts
without specific applications towards
processes or products in mind it
includes all scientific study and
experimentation directed toward
increasing fundamental knowledge and
understanding in those fields of the
physical engineering environmental and
life sciences related to long-term
national security needs
sustaining innovation a sustaining
innovation improves existing products it
does not create new markets but develops
existing ones with better value allowing
companies to compete against each
other's sustaining improvements
disruptive innovation helps create a new
market and value network the innovation
eventually disrupts an existing market
and value network an important note is
that while the concept of disruptive
technology is widely used disruptive
innovation is a more useful concept
because few technologies are
intrinsically disruptive
now let's talk about the top 10 idea
presentation in business
1. storytelling presentation 2 musical
presentation 3
video presentation
4 photo only presentation
5. immersive presentation
6 question presentation
7 demonstrative presentation 8 humorous
presentation
9 animated presentation
10 prop presentations
another important part of technology
innovation is to know your customer
needs one of the top priorities in
business is to meet the demands and
needs of the customer as an entrepreneur
and innovator it is important to list
down all important aspect of customer
need in every product to produce here
are the top five myths about customer
needs
the decision-making process
decision making is an enormous task
because the success of the business
relies on its process to come up with
great solutions stage 1 need recognition
or problem recognition
stage 2 information search stage 3
alternative evaluation stage 4 purchase
decision and stage 5 post purchase
behavior
stage 1
need recognition or problem recognition
know that the trigger for all purchases
is a need or a problem that the shopper
tries to satisfy or solve quickly
[Music]
stage 2 information search
now that the need has been recognized
the consumer seeks information to help
fulfill that need
this stage has the highest potential of
frustrating and overwhelming potential
customers if they can't find the right
product or solution or feel unable to
make a choice
stage three alternative evaluation now
that consumers have harvested all their
data they'll set about evaluating the
alternatives in order to make the best
decision
[Music]
stage four purchase decision this stage
comes after the consumer has taken into
account all solutions relevant to his or
her shopping needs and thus is ready to
buy
stage five post-purchase behavior
every winning sales strategy since the
dawn of commerce has accounted for
repeat business it all comes back to
customer satisfaction how satisfied a
consumer with a product or service
depends directly on how he or she
evaluates the experience according to
their original needs
thanks for watching
[Music]
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