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    Digital Marketing and Innovation - Homework 1 - Mockey Defah

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    Defah M-Williams

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    Digital Marketing and Innovation - Homework 1 - Mockey Defah

    Uploaded by

    Defah M-Williams
    3 views3 pages

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    NPD

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    3 views3 pages

    Digital Marketing and Innovation - Homework 1 - Mockey Defah

    Uploaded by

    Defah M-Williams

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    DIGITAL MARKETING AND INNOVATION – HOMEWORK 1 – MOCKEY DEFAH

    2nd year - Group 1

    1- NPD: New Product Development / OECD: Organization for Economic Co-operation


    and Development.

    2- OECD defines Innovation as the implementation of a new or significantly improved


    product (good or service), or process, a new marketing method, or a new organizational
    method in business practices, workplace organization or external relations.

    3- The concept of Innovation extends to many areas such as the economy, the quality of
    life, and in solving environmental and social issues. Innovation also covers health and
    poverty.

    4- According to the works of OECD, innovation is declined in two major types, known as
    Technological Innovation and Non-Technological Innovation. The first type,
    Technological Innovation, implies Product Innovation and Process Innovation, while
    the second type, Non-Technological Innovation covers Marketing Innovation and
    Organizational Innovation.

    5- First and foremost, Product Innovation is a type technological Innovation, declined


    itself in two areas which are: Radical Product Innovation and Incremental Product
    Innovation.

    6- Radical innovation is defined from the market perspective, and the technology
    perspective. According to O’Connor and DeMartino, the market perspective of radical
    product innovation refers to the extent to which the impact of that innovation has on
    the market. Regarding Schoenmarkers and Duysters, the technology perspective of
    radical product innovation refers to the extent to which the technology is different
    DIGITAL MARKETING AND INNOVATION – HOMEWORK 1 – MOCKEY DEFAH
    2nd year - Group 1
    from the existing technology. Indeed, Radical innovation is characterized by the
    technology which is substantially different from existing technology, and it can create
    new technological systems. As the new technology is so different from the existing
    technology, it is also called discontinuity technology.

    7- There are 3 main Product Innovation Strategies:


    a. Open Innovation: The main focus of this strategy is to highlight the benefits of
    sourcing external knowledge to enhance firms’ own innovation capabilities.
    Hence, we can find inbound open innovation covering activities such as co-
    creation with customers and consumers and informal networking with other
    organizations; and outbound open innovation activities including investment
    in joint venture partnership and selling of market-ready products to other firms,
    for example.
    b. Networking: to collaborate vertically among firms in the same industry, from
    manufacturers to distributors to retailers to leverage market information and
    technological capabilities.
    c. Resource-based Strategy: make use of the excess resources in production
    capacity, pooled knowledge, combined research, technologies, marketing,
    talents, and other resources.

    8- The technology make strategy involves developing the technology internally, while the
    technology buy strategy involves buying the technologies. According to the paper the
    best strategies are either to purchase technologies or to make a combination of both
    strategies. The technology-make strategy is often less utilized and potentially less
    productive than the technology-buy strategy or a combination of both due to its
    resource-intensive nature, requiring significant investments in time, money, and
    expertise for in-house development. Companies may face challenges in acquiring and
    retaining specialized talent, leading to delays in bringing solutions to market.
    Moreover, the risks associated with internal development, such as project failures and
    cost overruns, can deter organizations from pursuing this strategy.
    DIGITAL MARKETING AND INNOVATION – HOMEWORK 1 – MOCKEY DEFAH
    2nd year - Group 1
    9- NPD process stages:
    • Ideation: This is the phase where ideas are generated and explored to design new
    products or improve existing ones.
    • Concept development: During this stage, selected ideas are developed further to
    create concrete product concepts.
    • Product design: In this phase, concepts are turned into detailed design
    specifications, including features, design elements, and technical characteristics of
    the product.
    • Product testing: The product undergoes comprehensive testing to evaluate its
    functionality, quality, safety, and market and customer needs satisfaction.
    • Product launch: This is the phase where the product is introduced to the market,
    involving manufacturing, marketing, and distribution to reach consumers.

    10- Brainstorming is included in the stage of ideation which, by definition, is precised


    higher, is the stage where ideas are generated.

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