BUS Formal Report

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1 " WHAT’S YOUR BEST INNOVATION BET ?" Kadian Allen Formal Report Bus 313- Business & Organizational Communication Professor June Jones February 11 th , 2024

2 INTRODUCTION The article entitled “What’s Your Best Innovation Bet?” by Melissa Schilling explains how companies can predict future trends of technology based on the evolutionary process. The invention of technology is a challenging venture because it requires consideration of key trends and dimensions of technology and alignment with the future needs of customers. Since technology is dynamic, innovations ought to be versatile and in tandem with the technological tide, which improves and becomes competitive with time. Inaccurate prediction or lack of prediction is costly because innovations become outdated and exit the market before generating substantial earnings. For example, in the music industry, the evolution of compact disk and music formats changed the use of CD, DVD, and MP3 players. Therefore, the article holds that the understanding of the evolutionary process of technology and the dynamic needs of customers is critical in designing innovations that would become relevant for a considerable time. The article outlined a three-step process of designing and refining innovations to meet future needs of customers : identifying key dimensions, locating your position, and determining your focus. This article was written to help companies understand how the market will respond to any new technologies that are developed. Schilling focuses on working with tech companies and crafting or refining their innovation strategy. The authors give companies insight into where to focus their efforts and money while helping them to predict the moves of their competitors and any threats from any outside factors. This article describes technology as the way inputs are transformed into outputs, or the way products and services are delivered to customers. This report will explain its purpose, the three-step process, and its results.

3 STEP ONE: The first step in the three-step process of designing and refining innovations entails the identification of key dimensions of innovations that drive the progress of technology in a certain field. According to the article, “selecting useful technology to examine depends on industry knowledge and common sense. The knowledge of the industry identifies key dimensions, whereas common sense aids in designing innovations . Schilling states to “consider what the technology originally needs to be fulfilled, and then for each major change in its form and function, think about what fundamental elements were affected." There are many different types of dimensions. Some examples in this article are the cost dimension, technology dimension, comfort dimension, performance dimension, and anticipation of needs dimension. STEP TWO: The second step involves locating your position, which means determining the shape of the dimensions' utility curve. Since products have a utility pattern, which elucidates the trends of their use in the markets, companies ought to locate the position of their innovation in the utility curve. The utility of some products increases exponentially then levels off or increases gradually, then exponentially, and levels off, or remains constant throughout a given period. An example of a utility curve is the top of the curve, portability curve, and parabolic curve. The example that Schilling uses in her article is that cars can go 150mph, but most people do not go over 90mph. In this case, the utility curve for speed flattens out at that point. Some other improvements in dimensions that she uses in this article are fuel efficiency, acceleration, safety, and reliability, and offer more utility to customers.

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4 STEP THREE: In the third step, a company should focus on dimensions with a significant utility. The focus would enable companies to identify their target market and create competitive products. The example from the article is the Nano car from India. This car was designed to be a small car, that would cost around the same amount as a two-wheeled scooter that is commonly seen in India. This car was not at all safe, due to the low cost. This car had no airbags, power steering, radio, electric windows or locks, or antilock brakes. This company received a zero-star rating for safety, which made analysts point out that adding airbags and simple adjustments to the frame would only increase cost by $100 per vehicle. This company ended up choosing comfort over safety. They later included air-conditioning and power steering with the $100 upcharge per vehicle, but never airbags. Data determined their focus on comfort. Determining your focus will help the company determine which factors are most important to its target market. CONCLUSIONS AND RECOMMENDATIONS Schilling's exercise is effective and good for companies to use. It helps these companies understand what they need to change or how to make their products based on what the consumers want or expect. Using these dimensions and utility curves can help the producer decide how to make their products so that more people will be interested in buying them. One thing that I would recommend that was not mentioned in this article, would be reaching out to the consumers. An example of a way to do this could be supplying a coupon to answer some questions on what each different consumer takes into consideration most when buying a product and use that to better your products.

5 REFERENCES Schilling, M. (2017, June 19). 3 Steps to Better Innovation Bets. Retrieved February 5th 2024, from https://hbr.org/2017/07/whats-your-best-innovation-bet Guffey, M. E., & Loewy, D. (2018). Essentials of business communication (11th ed.). Cengage Learning.

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