Technology Life Cycle

The major threats that we can discern is the fact that the technology is revolutionary in itself and that those types of technological advances are most of the time adopted by early visionaries. Furthermore explaining the technology to potential clients can become a challenge because the clients themselves don’t know what they are looking for and might also not be willing to consider the expenditures involved in such a project.

new competitors and they will tend to copy the ideas of products and try to dominate the

The short product life cycle in this industry requires competitors to continuously evolve. This continual innovation is difficult for new entrants to achieve. Also, existing products, such as Apple’s iPhone, have built brand loyalty and associated switching costs for consumers, which pose as barriers to entry for new competitors.

• The company should find effective way to communicate about the product in public to boost up the sale of existing product but this plan does not work every time and it can be tricky also.

The same can be said for trends and products. They have witnessed what a mistake it is to ignore their past progress and simply focus on what is next. While it is important to spend a great deal of time working towards advancement, especially in a market that is rising. However, it is very difficult to ignore what brought about all of these changes and what has been working (Kerin, Hartley & Rudelius, 2013).

For any innovation, a company needs to ensure it has developed good network relationships in order to obtain support for its innovation. This is because of the generic market acceptance process. The market acceptance process starts with building relationships with the adoption networks, which should start before the innovation is launched and continue after the innovation has been commercialized. Once the product has received backing from the adoption network, early adopters will be willing to purchase the product because of the technological innovation which they would be willing to access for themselves. Once a product has been accepted by the early adopters, and they give it

the results of the analysis. Section VI discusses the findings and the limitations of the study. Future research directions are also outlined. Section VII concludes the paper. II. INNOVATION DIFFUSION AND THE S-CURVE GROWTH MODEL Over the last three decades, a considerable body of literature has accumulated on the characterization of the life cycle of innovations. Interest in understanding the factors and the environment conducive to the adoption of new innovations spans across different disciplines, most notably marketing, economics, and social science. One line of research involves empirical studies using cross-sectional data with a focus on the relationship between the adoption decision, the innovation, and the organizational characteristics. The majority of IS innovation studies fall into this category [2], [6], [17], [23], [35], [55], [56]. Another line of research, popularized in the marketing literature, focuses on the diffusion pattern of innovations over time. Aggregate diffusion models have been proposed to study the rate and pattern of the diffusion process. While originally developed to capture the essential features of

We discussed in the previous theme the development of a market and how to determine if a product fits or if it needs alteration. Now, we look at the product in the marketplace and how long it can survive.

“Innovation is definitely not self-starting or self-perpetuating. People make it happen through their imagination, will power, and perseverance” (Kelley and Littman.2005.p. 6). I believe that an innovation leader is a person who empower himself with knowledge and skills to support others and create a change. My personal definition of innovation is “when people work hard to create a change and transfer their positive ideas into actions.” My personal philosophy of innovation is influenced by the book The Ten Faces of Innovation. From this book I learned that people can play different roles in their lives to be a good innovators. For example, in a hospital the head nurse can play the Anthropologist role and come up with new insights to

As technology continue to refine how products and services are delivered to consumers, competition among industry participants becomes more refined. Organizations that are able to keep up with changing technologies become leaders while those that are not fall behind. Mergers and acquisitions are increasing while causing small businesses to sell out or seek partnerships and cooperatives in order to remain competitive and relevant.

According to an influential group of writers, major improvements for consumers occur largely as a result of technologic innovations. The growth of resources and the development of new techniques and products over time, rather than adjustments to provide maximum output from a given (static) input, and monopolistic elements function as protection of innovating effort. (Monopoly 2006) Consumers who purchase the product would probably see a decrease in price.

Using existing organizational systems often means completely missing the boat on the real customer and his real needs. This is the customer who values the products as a breakthrough. Products are frequently under-appreciated by firms when the new product is based on an existing platform. This leads to a wait and see attitude and the product is not given adequate support and often under-priced.

Nevertheless, being a market pioneers also brings numerous disadvantages (Lieberman & Montgomery, 1988). One main disadvantage is that “market pioneers may fail to change their business practices when the market changes” (Lieberman & Montgmery, 1988: 925). Also late movers will free ride on the foundations the market pioneer has created in the beginning.

These technologies grow and develop within the company over time, and are utilized in successive products. The collective body of the company's technology experience broadens with the emergence of every new product. This broadened experience has turned out to be the base for appraising the "incremental newness" of the technology personified in the subsequent new product.

Target Market: Mostly consists of Laggards who have been loyal to this type of product for a long time and have not moved on to newer products.