Unit 10- Entrepreneurial MKT Flashcards
disruptive innovation
-Does not have anything to do with technology
-It is about opening up new markets
- No proprietary tech
-Performs different
-Opens up low end or new market segments
-Diffuses quickly
application innovation
Innovating by finding new ways to use existing products or technologies.
product innovation
Creating new or enhanced products that offer improved value to customers.
business innovation
Innovating in the way a business operates or delivers value, not just the product itself.
innovation chasm
A critical point where many innovations fail to gain widespread adoption due to the difference in adoption behavior between early adopters and the early majority
bowling alley
A phase in the technology adoption life cycle where a company targets specific niche markets (like bowling pins) one by one, achieving success in smaller segments before expanding to broader market
tornado
A phase in the technology adoption life cycle characterized by rapid, mass-market adoption of an innovation, often driven by a dominant design or clear market leader.
- adoption curve speeds up with the early majority/ some companies may not be ready for that (can be swept away)
blue ocean strategy
- market is unknown
- not tainted by competition
- demand is created rather than fought over
red ocean
-all the industries in existence today that serve the known market space.
- industry boundaries are defined, accepted, and the competitive rules of the game are known.
New product categories- risk
- low tech
- high fashion
- better mouse trap
- entrepreneurial high tech
Low tech products
- low tech risk
- low market risk
high fashion products
- low tech risk
- high market risk
better mouse trap products
- high tech risk
- low market risk
entrepreneurial products
- high tech risk
- high market risk
red ocean key ideas
- existing market
- beat competition
- exploit existing demand
- make value cost trade offs
- strategic choice of differentiation or low cost
blue ocean key ideas
- create uncontested market space
- make competition irrelevant
- create and capture new demand
- break value cost trade off
- pursue differentiation and low cost
