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Introduction to High Technology Marketing

Characteristics of high technology products

1. innovativeness

during the industrial purchasing process of high-tech, innovative products, various decision-influencers within buying companies evaluate the attractiveness
of the manufacturer's market offering; namely the 'value' of the offering. By identifying the various tangible and intangible value elements requested by the
business customer, and the stage(s) of the purchasing process in which these value considerations take place, we develop a framework that will effectively
guide manufacturers of high-tech, innovative products to market, and customize, their offer throughout the different stages of prospective business
customers' purchasing process. Our findings, derived from in-depth interviews, demonstrate that manufacturers should focus on distinctive product-,
service-, and supplier-related value elements, and that the particular elements depend on the different decision-influencers, as well as the different stages
of the purchasing process.

2. Scientific in nature

In return, technology provides the eyes and ears of science—and some of the muscle, too. The electronic computer, for example, has led to
substantial progress in the study of weather systems, demographic patterns, gene structure, and other complex systems that would not have been
possible otherwise. Technology is essential to science for purposes of measurement, data collection, treatment of samples, computation,
transportation to research sites (such as Antarctica, the moon, and the ocean floor), sample collection, protection from hazardous materials, and
communication. More and more, new instruments and techniques are being developed through technology that make it possible to advance various
lines of scientific research.

Technology does not just provide tools for science, however; it also may provide motivation and direction for theory and research. The theory of the
conservation of energy, for example, was developed in large part because of the technological problem of increasing the efficiency of commercial
steam engines. The mapping of the locations of the entire set of genes in human DNA has been motivated by the technology of genetic engineering,
which both makes such mapping possible and provides a reason for doing so.

As technologies become more sophisticated, their links to science become stronger. In some fields, such as solid-state physics (which involves
transistors and superconductors), the ability to make something and the ability to study it are so interdependent that science and engineering can
scarcely be separated. New technology often requires new understanding; new investigations often require new technology.

3 enhancing capabilities
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Technology has been described as "the systematic application of scientific and other organized knowledge to practical tasks"
(Galbraith, 1971, p. 31). Technological Capabilities are the information and skills - technical, managerial and institutional - that
allow productive enterprises to utilize equipment and technology effciently. While there are some constants, such capabilities are
in general sector and firm specific, a form of institutional knowledge that consists of the combined skills accumulated by its
members over time. technological development is the process of building up such capabilities.

The development of technological capabilities should not be thought of as the ability to undertake leading edge innovation,
though innovative capabilities are an important element of technological capabilities. Technological capabilities comprise a much
broader range of effort that every enterprise must itself undertake in order to absorb and build upon the knowledge that has to be
utilized in production. This involves buying some skills and information from the market and providing others in-house, the
choice depending on the technology, market conditions and firm strategies.

Consider, for example, the successful transfer of a new technology to a developing country. Acquiring equipment and operating
instructions, patents, designs or blueprints does not ensure that the technology will be properly used. Elements of a technology
embedded in a process or equipment are accompanied by additional "tacit" elements, which the recipient must learn, as well.
Only when such learning and adaptation have taken place can the technology be considered to be "mastered," 2 that is, used at or
near the "best practice" level of technical efficiency for which it was designed. Technological mastery is not an automatic or
passive process. In particular, there must be adequate "receptors" of technology, who invariably are qualified technical personnel.
If not available before the transfer occurs, they must be developed rapidly by on-the-job training and other means.

Technological capability is more, however, than the simple sum of the education and training of a firm's employees. It includes
the learning undergone by individuals in the course of working in the enterprise and the way in which the firm combines and
motivates individuals to function as an organization. To some extent any enterprise that tries to use a new technology acquires
some capabilities as an automatic result of the production process. Such passive learning goes some way to developing the
necessary capabilities. In simple industries, say the assembly of imported kits or garment manufacture for the domestic market,
this may be all that is needed. The skills are easily learned on the job, and there are few linkages with suppliers that involve
technical problems and complex exchanges of information. Product designs are provided by foreign suppliers of kits for
assembly, or are easily adapted to local tastes in garments.
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However, as the technology becomes more complicated or market demands more rigorous, such passive learning is inadequate.
Even in garment manufacture, much effort is required to raise quality and productivity, improve layout, introduce new
supervisory practices, before an efficient producer for the local market becomes a competitive exporter. For more complex
industries, an enterprise must be prepared to sustain a longer and more demanding process to reach even static, best practice,
levels established by producers in advanced countries

3. IPR

Intellectual property rights and economic growth If we look at the world as being composed of two types of countries: a developed,
innovating “North” and a developing, imitating “South”1 , then the impact of stronger IPR protection benefits the innovating North, but
its impact in the South where innovation is limited or non-existent is ambiguous, depending inter alia on the channels through which
technology is transferred. Research indicates that stronger IPR protection is only found to benefit the South when R&D is highly
productive, thus resulting in significant cost reductions, and when the South comprises a large share of the overall market of the product.

Research also shows that the benefits of increased innovation through stronger IPR protection become weaker as more and more countries
strengthen their IPR regimes, because the extra market covered and the extra innovation that can be stimulated by such protection
diminishes. Since IPR holders engage in monopoly pricing that distorts consumer choice, strengthening IPR protection can lead to welfare
reductions, particularly in a country that undertakes little or no R&D and would otherwise be able to free ride on foreign innovations.

4.fast processing

industrial competitiveness can be evaluated in many ways, but for high-tech firms no measure is more important than that of getting
new products into their relevant markets ahead of the competition. Especially for companies with technology-driven products,
where technological obsolescence compounds the problems of head-to-head competition, speed-to-market is an essential factor
for survival. As the last few years have seen more international competition for many U.S. companies, there have been numerous
alarms calling for increased attention to this aspect of corporate competitive behavior.

Partly in response to these clarion calls numerous studies in recent years have pointed out the economic and strategic benefits
associated with the accelerated product introductions. Unfortunately, relatively few studies have examined the situation in detail, so
that previous recommendations have often been limited to highlighting such mainstream concepts as concurrent engineering and
cross-functional teams.
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However, the development of an organizational capability for accelerated new product development presents, in fact, formidable
management challenges, so there is a pressing need for managers to understand implementation issues in some detail. In the
spirit of these concerns, this article reports on a field study that asked managers of technology-based products what organizational
and managerial approaches they actually used to speed up the product development process.

Our explorations aimed at a richer understanding of the implementation realities, examining which approaches were preferred,
why, and how they actually worked to accomplish the objective of speeding up the product development process.

Implication of innovation in markets

1. Improved productivity and reduced costs

Many executives are asking their employees to do more with less, but there is a fine line between increasing productivity and expecting your people
to work harder, work longer, and earn incrementally less money. How can organizations maximize capabilities without doing irreparable damage to
their resource infrastructure?
Three keys to help maximize resources and increase profitability without crossing the line are: 1. Ensure your organization has access to accurate
information
2. Focus on bottom-line activities
3. Make the organization’s vision accessible to everyone Decision-makers challenged by shrinking budgets can still drive high performance projects.
Even in a down economy, there will be organizations that view the current economic situation as an opportunity, and find innovative ways to
increase market share and expand profits

2.better quality

6 reasons product quality is important

Improving your product quality is paramount to your business's bottom line. Here are six reasons product quality is important:

1. It builds trust with your customers.

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Most businesses won't succeed if they can't build customer trust; countless potential sales are lost when brands fail to make deeper
connections with prospective buyers. By contrast, when you gain the confidence and loyalty of consumers, you have more freedom
to make decisions such as raising prices. Ensuring high-quality products and services is one way to help you get consumers to
appreciate and believe in what you have to offer.

Humanizing the company also can help customers connect with your brand. One way to do this is to create newsletters or social
media posts that show updates and photos of what employees are working on. If customers begin to associate faces with your
company, it will help them connect with your organization more than they would with a faceless corporate entity. Another way to
build loyalty and appreciation is to establish a rewards program. Understanding the value of customer loyalty will be crucial when
trying to establish repeat business.

FYI: Humanizing your company can help customers really connect with your brand. One way to do this is to create
newsletters or social media posts highlighting your employees and office spaces. 

2. It fuels recommendations.

Most people trust recommendations from friends and family above all other forms of advertising when making a purchase decision.
This is why, when it comes to influencing consumers, nothing comes close to beating word of mouth.

Word-of-mouth recommendations can be a persuasive factor in both online and offline purchasing decisions. Friends and family
want to know if someone similar to them had a good experience with a product. The higher-quality product a company has to offer,
the better chance they'll have at driving positive reviews, recommendations and shares between consumers.

Starting campaigns to get people buzzing about a product is a great way to spread recommendations by word of mouth. You can
also respond to complaints or compliments online to show that you provide good customer service, which is another aspect of high
product quality.

3. It results in fewer customer complaints and returns.

Marketing studies have proved again and again that companies that produce high-quality products obtain more repeat business.
Spending more time and money upfront perfecting a product before it hits the market will minimize customer complaints and returns.
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It's common for sellers of high-quality brands to spend more to persuade consumers to try their goods. The more successful
companies are at pleasing customers during their initial experience with a product, the more likely they'll be to see repeat purchases
from those customers. [See related article: It's About the People: The 'Stakeholder Approach' to Building Better Brands]

Testing products with potential customers or a market research group can help to produce a great product. Most people in these
groups will give brutally honest opinions, and companies can use that feedback to make improvements to their products.

4. People care about aesthetics.

One dimension of quality is the aesthetics, or how a product looks, feels, sounds, tastes and smells. For example, MrTakeOutBags
pays close attention to these qualities, and it shows in the company's bakery cupcake boxes. The colors, prints, shapes, textures
and features (such as handles) make all the difference, and it's what sets the brand apart from its competitors. Customers notice
these kinds of details, which can make or break a sale.

Tip: Having customizable features also allows a company to give customers exactly what they want while tacking on a
few dollars to the price.

5. It produces a higher ROI.

Studies show a strong positive association between quality and profitability. In fact, high quality produces a higher return on
investment (ROI) for any given market share. According to MIT Sloan Management Review, having fewer defects or field failures
results in lower manufacturing and service costs, and as long as these gains exceed any increase in expenditures by the firm on
defect prevention, profitability will improve. In addition, improvements in performance, features or other dimensions of quality lead to
increased sales and larger market shares.

If a company has produced a quality product and has marketed it effectively, it's time to see if you can cut costs without sacrificing
quality.

6. It allows you to grow.

If your product quality is lacking at first, don't fret; that simply means there is room to grow, and that's not necessarily a bad thing. By
listening to your customers' complaints or recommendations, you'll be telling them how much you value their input and satisfaction.
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As you improve quality, you will strengthen your relationship with your customers. Willingness to grow is proof you care about more
than just making money. Your brand will become stronger and more relatable, and you'll find even more ways to expand into new
markets and reach new audiences.

2. Building a product range

\Advantages of Product Range

When companies roll out a product range, they are seeking to attract customers in a certain demographic, with common aspirations, income
and purchasing behavior patterns. For example, a company may offer an excellent shampoo, like these on display at Matrix, and then develop
alterations to the original formula for common audience targets.

Companies may also opt to create a product line extension from its product range, notes The Marketing Study Guide. A popular soft drink may
opt to add in hints of pumpkin and cinnamon to capitalize on fall-winter taste themes. This has already happened in coffees and alcoholic beers.

Product Range Examples

Examples of a product range can include a peanut butter maker, offering its peanut butter in a variety of similarly priced versions of crunchy,
creamy, and no added sugar peanut butter. A television manufacturer might offer its TV components in a basic 32-inch version, then offer
increasingly larger versions for more demanding consumers. At its top end it might offer a 4K version of its TV technology. The products may
have more features in each of the larger sizes, but the core TV product remains the same.

3. Legal and environmental issues

In sum, after the discussion about the definition, advantages and major categories of market-based solutions, it is obvious that this instrument
tends to be cost-effective, flexible in the environment issues. Furthermore, market incentive gives the companies and individuals great motive to
reduce the pollution from their own interest. It is natural to draw the conclusion that to some extent, market-based solutions are appropriate
for solving environmental problems such as those affecting climate changes. However, the approach has some limitations and should be
improved in practice. We should enhance the design of the programs and guarantee its goal close to its expected targets, and reduce the
transaction fee and adjust the instrument due to new policies and circumstances with new technologies.
At the same time, it is important to realize that in certain circumstances related to nonlinear damage functions, market-based solutions cannot
work well due to its inherent character. After all, to some extent, either market-based solutions or command-and-control instruments is not the
point, the most significant issue is to solve the environmental problem, especially the ones involved in climate change, properly and effectively.
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Despite such limitations, the market-based solution is by far better placed to tackle environmental problems than other alternatives such as the
command-and-control instruments.

5, value additions

Value-add marketing focuses on exceeding customer expectations by delivering more than they asked for with every interaction.
This is particularly important in a time when customers are not shopping with transactional brands. Customers want to engage with brands that
offer them experiences beyond making a purchase.

With value-add marketing, you have the opportunity to turn your marketing content into a product of its own that pushes the needle from
transactional relationships to emotional ones by putting the customer’s needs first. As a result, the content you create arguably becomes your
most valuable product and what ultimately makes your brand appealing.

Types of value-add marketing

Value-add marketing can take many forms. Some of the most popular include:

Expert advice and blog content

Referral and VIP rewards
Educational content such as how-to videos, webinars, and workshops
Surprise samples and free products
Priority service and shipping
Etc.
No matter what type of value-add marketing you choose to start, the key is to make sure that your customers find it valuable. After all, you are
looking to create engagements, not just brand awareness!

Why you need to start value-add marketing

There are a number of reasons you need to include value-add marketing as part of your ongoing marketing strategy.

6. improved staff retention, motivatioin and easier recruitment

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Create the Right Culture
Finding employees who will feel a strong bond with your company starts with creating an environment that attracts those employees. Your
company culture should match the type of employee you want to employ, whether you opt for a by-the-book, strict workplace or a more casual,
laid-back atmosphere.

Hire the Right Employees

As you're screening candidates, pay close attention to signs that you may have a job-hopper. While there's nothing wrong with someone
switching jobs if it provides career advancement, look for someone who is interested in growing with your company rather than getting
experience to take somewhere else.

Offer Training
Businesses expect their professionals to arrive fully trained and certified. Yet too many aren't willing to invest in helping them maintain those
credentials. Whether you send employees to a learning center or you provide membership to one of the many e-learning sites available, when
you take your employees' education seriously, they see it as an investment in their career.

Provide Guidance
Your employees should be fully aware of their job duties and how they're doing in performing them. You can accomplish this by first having a job
plan in place and providing regular feedback on an employee's performance. If an employee feels confused about his role in your organization,
he's more likely to feel disgruntled and begin searching for something else.

Pay Well
As difficult as it is to pay competitive salaries when funds are low and budgets are tight, calculate the cost to replace employees. It can cost as
much as 30 percent to 50 percent of an entry-level employee's annual salary just to replace him. Employees often find they can enjoy a 10 to 20
percent salary increase by simply moving from one company to the next, which makes jumping ship attractive.

Don't Punish Competence

Managers often spend much of their time on employees who are struggling, leaving the talented ones completely neglected. Over time, this can
lead to resentment as star employees start to feel unnoticed and unsupported. Managers must make an effort to let top performers know their
hard work isn't going unnoticed.

Be More Flexible
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Workers have expressed a preference for flexible working conditions. If you expect your best employee to answer his phone when a client calls
at seven o'clock on a Friday night, you should also understand when that employee comes in late one morning or needs to take off early.

Offer Benefits
Small businesses often struggle to compete with larger corporations in providing benefits. While you don't have to beat big business in the
healthcare options you offer, you can offer things they won't get elsewhere, such as the ability to work from home, more flexible vacation
offerings, and performance bonuses.

Provide Unique Perks

Another way businesses can compete without breaking the budget is through offering perks they can't get elsewhere. Silicon Valley has become
notorious for its free meals and nap pods, but you can increase retention by coming up with creative perks. Use your connections to get free VIP
tickets to special events or special discounts at local retailers.

Don't Take Yourself Too Seriously

As much work as you try make your company attractive to talented people, the truth is employees might be leaving because of their bosses. In
fact, research has shown people tend to quit their bosses, not companies. If you can cultivate an environment where employees feel rewarded
and gratified, you'll already be ahead of a great deal of other bosses out there.

Improving retention rates doesn't have to be difficult. By being a positive role model and directly connecting with your employees, you'll be
more likely to understand what they need to continue to help your business thrive.

What does R&D stand for?

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R&D stands for research and development. What R&D represents in a business context and its power is
a much wider and more complex area that we will now explore.

What is research and development?

Research and development is the generation of new knowledge. In a business context, it is an activity
that companies undertake in order to develop new products, processes or services, or improve those that
already exist. In order to do this, businesses often take on risk. This is because uncertainties exist around
if what they are attempting is technologically feasible, or, more commonly, they don’t know how they will
achieve their objectives in practical terms.

R&D is an essential function for many businesses. Launching new offerings or improving existing ones is
a way for a business to remain competitive and make profit.

When developing a new product, process or service, or refining an existing one, R&D is one of the
earliest phases. Experimentation and innovation is often rife at this stage, along with risk. The R&D cycle
often begins with ideation and theorising, followed by research and exploration and then into design and
development.

What sectors does R&D occur in?

Research and development occurs across a wide range of sectors and industries, and in companies of all
sizes. These range from intensive R&D industries that rely heavily on R&D projects
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like pharmaceuticals, life sciences, automotive, software and technology to areas like food and drink. R&D
also plays a major role in the construction industry, in particular in manufacturing and engineering.

Types of research and development

All R&D tends to start with ideas and theories – this can relate to identifying issues or new opportunities.
The R&D process then focuses on exploring and researching those ideas, seeing what’s feasible. There
are two main types of research within R&D – basic research and applied research.

1. Basic research is all about acquiring knowledge and using it to build understanding and intelligence
that a business can use to its advantage. This knowledge can be the foundation for further R&D
projects and feed into strategic business decisions.
2. Applied research is a lot more defined, and often looks to achieve a specific objective. This could be
using a new technology, reaching a new market, improving safety or cutting costs. Applied research
is often what leads to the development phase.

The design and development phase is all about taking an idea and making it into a product or process.
Effectively, it’s about translating the research into a commercial product or service. It often involves
designs, prototyping, trials, testing and refinement.

Prototyping is key to the development phase as it allows you to identify and overcome issues, and
improve the design. Eventually, for those in manufacturing development, you move into manufacturing
trials where you look to produce the product on a larger scale.

 
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R&D can be set-up to look at different outcomes as follows:
New product research and development

R&D and product development often go hand in hand. Rapid changes in consumer demands and
emerging technologies means there’s always a need to adapt. Before developing new products, you need
a deep understanding of the market and the user needs. This lays the groundwork for the development of
the new product.

Various concepts are generated and tested at the outset. These can then be prototyped for further
research and testing.
Improving existing products and processes

The continual evaluation of existing products, services and processes is also a key part of R&D. If a
product, service or process is no longer profitable or adding value in a market then it risks stagnating.

It could also be that technology has been developed that could facilitate improvements that may cut
costs, make efficiency gains or improve safety. This can include improvements to the manufacturing and
production processes of the product.

Legislative changes or shifts in user wants can also mean a product or process must change or evolve to
remain viable.

------------------------------------------------------------

• High-technology products are with high R&D intensity, such as in aerospace,

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computers, pharmaceuticals, scientific instruments, and electrical machinery.

• Product Examples:
– Cell Phones,
– USB Portable Air Conditioner,
– Google Assistant,
– Gaming Aps & Tech Zone,
– Energy & Power Technology
– Medical Equipment Technology
» Etc….

Characteristics of High Technology Products:

 Innovativeness
 Scientific in Nature
 Enhancing Capabilities
 IPR
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 Fast Processing
Different Types of Innovations:

Breakthrough Incremental

Implications of Different Types of Innovations:/ implication bof different types of

innovation

• Improved productivity & reduced costs

• Better quality
• Building a product range
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• Legal and environmental issues
• Value Additions
• Improved staff retention, motivation and easier recruitment

High Tech Markets:

 The high-tech sector can be defined as industries having high concentrations of

workers in STEM (Science, Technology, Engineering, and Mathematics) occupations.

 A high-tech product is a subset of product that involves the application of modern

scientific and technical knowledge for useful purposes and often requires high R&D
investments.

 High technology, or high tech (sometimes also called frontier technology or frontier
tech), is technology that is at the cutting edge: the most advanced technology
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available. Startups working on high technologies (or developing new high
technologies) are sometimes referred to as deep tech.

 Major decision for the High Tech Markets are Product and Branding
decisions

Product Decision:

 Product decisions revolve around decisions regarding:

 The physical product (size, style, specification, etc.)
 Product line management.

 Product mix decision refers to the decisions regarding:

 Adding a new or eliminating any existing product from the
product mix,
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 Adding a new product line, lengthening any existing line,
Bringing new variants of a brand to expand the business and to increase the
profitability

---------------------------------

Introduction:

• Technology is the stock of relevant knowledge that allows new techniques to be

derived and implemented.
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Product Technology: ideas
embodied in the product and
its components

Process Technology: ideas involved in the

manufacture of a product; a manner of
accomplishing a task especially using technical
processes, methods, or knowledge
High Technology Products:
Definition of High Technology:

• High technology, or high tech is technology that is at the cutting edge: the most
advanced technology available.

• High-technology products are with high R&D intensity, such as in aerospace,

computers, pharmaceuticals, scientific instruments, and electrical machinery.

• Product Examples:
– Cell Phones,
– USB Portable Air Conditioner,
– Google Assistant,
– Gaming Aps & Tech Zone,
– Energy & Power Technology
– Medical Equipment Technology
» Etc….
Characteristics of High Technology Markets:

 Market Uncertainty
 Technological Uncertainty
 Competitive Volatility
 Other Characteristics

Characteristics of High Technology Products:

 Innovativeness
 Scientific in Nature
 Enhancing Capabilities
 IPR
 Fast Processing
Continuum of Innovations : Radical/Breakthrough Innovations -

Incremental Innovations

Incremental Radical/ Breakthrough

Extension of existing New technology creates

product or process new market
Product characteristics well - defined R&D invention in the lab
Competitive advantage on low cost Superior functional performance over
production "old" technology
Often developed in response to Specific market
specific market need opportunity or need of only secondary
"Demand - side" concern
market/customer pull "Supply - side" market/technology push
Different Types of Innovations:

Breakthrough Incremental

Implications of Different Types of Innovations:

• Improved productivity & reduced costs
• Better quality
• Building a product range
• Legal and environmental issues
• Value Additions
• Improved staff retention, motivation and easier recruitment
Contingency Model for High-Tech Marketing :

Marketing Strategy New Product Success

Types of Innovations
Breakthrough
Incremental
Implications of Contingency Theory & Innovations:

Type of marketing strategy is contingent upon the nature of the innovation

Breakthrough Incremental

R&D/Marketing R&D leads; Marketing leads;

Interaction “technology push” “customer pull”

Type of Lead users; Surveys; focus

Marketing empathic design groups
Research
Role of Primary demand; Selective demand;
Advertising customer education build image

Pricing May be premium More competitive

Does Marketing Need to Be Different for High-
Technology Products and Innovations?
Framework for Making High-Technology Marketing Decisions:

From High Tech Firms perspective:

 Strategy Formation
 Core Competencies/Core Rigidities
 Funding Considerations
 Market Orientation
 Relationship Marketing
 R&D/Marketing Interactions

From Customers perspective

 High - tech Research
 Forecasting
 Customer Decision - Making
 Adoption Diffusion of Innovations
 Target Marketing
Questions to deliberate:

Q.1: Define:
i. High – Technology Products
ii. Radical Innovations
iii. Incremental Innovations
iv. Continuum of Innovations
v. Challenges of High Tech Product Marketing

Q.2: Discuss the characteristics of High Technology Products and implications of

innovations in market.

Q.3: Explain the framework for making High-Technology Marketing Decisions.

 Unit – 2
Product and Branding decisions in High-Tech Markets
Chapter Tour
Market Orientation, R&D–Marketing Interaction, High-Tech Marketing Research
Tools - Concept Testing - Conjoint Analysis - Customer Visit Programs - Empathic
Design - Lead Users - Quality Function Deployment - Prototype Testing - Beta
Version Testing,
Technology Development – The “What to Sell” Decision-Developing Services as Part of
the High-Technology Product Strategy, Implications for High-Tech Marketing –
Protection of Intellectual Property - Understanding Gray Markets –Piracy, and
Restricted Exports - Managing Intellectual Property, Importance of Branding in High-
Tech Markets, Developing a Strong Brand - Ingredient Branding.

Course Outcomes (CO) Straight linked with Unit - 2

CO 1 REMEMBERING - DESCRIBE the characteristics of High Technology Products and key concepts associated with
Marketing of High-Tech Products.

CO 2 UNDERSTANDING EXPLAIN key concepts associated with Marketing of High-Tech Products. CO 3 APPLYING

APPLY marketing plans and decisions in specific situations in High-Tech Markets.

Dr. Rajesh Kumar Pandey

High Tech Markets:

 The high-tech sector can be defined as industries having high concentrations of

workers in STEM (Science, Technology, Engineering, and Mathematics) occupations.

 A high-tech product is a subset of product that involves the application of modern

scientific and technical knowledge for useful purposes and often requires high R&D
investments.

 High technology, or high tech (sometimes also called frontier technology or frontier
tech), is technology that is at the cutting edge: the most advanced technology
available. Startups working on high technologies (or developing new high
technologies) are sometimes referred to as deep tech.

 Major decision for the High Tech Markets are Product and Branding
decisions
Product Decision:

 Product decisions revolve around decisions regarding:

 The physical product (size, style, specification, etc.)
 Product line management.

 Product mix decision refers to the decisions regarding:

 Adding a new or eliminating any existing product from the
product mix,
 Adding a new product line, lengthening any existing line,
 Bringing new variants of a brand to expand the business and to increase
the profitability.
Branding Decision:

 Branding consists of a set of complex branding decisions. Major brand

strategy decisions involve:

 Brand positioning,
 Brand name selection,
 Brand sponsorship
 Brand development.
Research & Development (R&D):

• Research and development (R&D) includes activities that companies undertake to

innovate and introduce new products and services.

• A high-tech product is a subset of product that involves the application of modern

scientific and technical knowledge for useful purposes and often requires high R&D
investments.

• Development of new Product requires R&D efforts.

• The R&D are primarily Three Types:

 Basic research (Knowledge prone)
 Applied research (Experiment prone)
 Development (Execution prone)