Innovation Diffusion and new Product Growth Models

Questions: Task 1 1. Discontinuity vs. disruption? 2. Positioning to inform the marketing manager? Task 2 a) Schumpeterian view of sources of economic growth? b) Creative destruction and new product management? Task 3 a) Cognitive-Affective-Conative structure of an attitude? b) High and Low involvement of attitude development? Answers: Task 1 1. Discontinuity vs. disruption In most of the marketing strategy the dominant factor remains the production of services that are mainly sophisticated that helps in satisfying most of the customers round the world. Disruptive innovation is the creation of value network and the creation of new market. The thoughts of the innovation have been defined by Clayton Christensen. The major issue or work of disruptive innovation includes the disruption of the existing market. The products and the services are manufactured keeping in mind most of these aspects. The examples are personal computer, cell phones (Peres, Muller Mahajan, 2010). The highest prices are paid by the customers with the inclusion of such sophisticated and high end implementation of the technology. The major elements of disruptive innovation include the following: Sophisticated technology that is simplified for the customers Low cost and innovative business model Value network that is economically coherent All the above elements are related to the regulations that are standardised and facilitate innovation and change. On the contrary continuous, Dynamically Continuous, and Discontinuous Innovations include the following. Continuous The innovations that are continuous like the electronic gadgets are the ones that are part of the continuous innovation. However, the difference with disruptive innovation is the absence of learning curve in continuous innovation. This could be electric kettle or induction oven. Dynamically Continuous innovation- Behavior pattern is the most important aspect that is part of the dynamically continuous innovation. Apart from this the influence and the usage of the innovation is the most important part (Hall, Daneke Lenox, 2010). This is not the case in disruptive innovation. Behaviour is analyzed along with sophistication in disruptive innovation. This could be the move from the use of walkman to new age CD player. Discontinuous Innovations- This is the innovative process that is required in revising an old problem with newer ways. In case of disruptive innovation the innovation is made sophisticated right from the initial stage. This is not the case in case of discontinuous innovation. The major example in this filed could be inkjet printers by different companies. 2. Positioning to inform the marketing manager In case of marketing the information relating to disruptive innovation is received through the method of survey. The key sophistication and the need of the company are understood by the manger with respect to innovation and sophistication. The manger can study the market and can come out with the simplified technology that includes high cost technology. Managers make use of demand of the customers, through different surveys to know about value network in the area of disruptive innovation. In case of continuous innovation the marketing manger understands the complaints and accordingly improves the older model. This is as per the new requirement in the market with respect to demand like is cars. Dynamically continuous innovation is the simple design that may be space saving ideas like in toilets. The major understanding of the manager in the area is to implement simple ideas with innovative requirement. Discontinuous innovation is the one that requires new experience like in microwave oven (Agapito et al. 2013). The idea that is grabbed by the manger in the market is used to inform the high level officials for understanding. However, the major challenge is the positioning of the product through marketing. Task 2 a) Schumpeterian view of sources of economic growth Creative destruction is the continuous process of innovation and that replaces the older ones. This has been termed by Joseph Schumpeter in the year 1959. The sources of economic growth as have been defined by Schumpeter with the following: Production process The analysis of the economy through Dynamic analysis Growth trends The end of capitalism through demise The entrepreneurship theory of Schumpeter has been effective in dealing with the theory of economics that has been proposed by him. This can be the base of understanding the theory with the help of gold monetary standard. This is more important than that of flat monetary standard. He opined to the fact that automatic gold currency s dependent on free trade and laissez faire economy. b) Creative destruction and new product management The major idea that is presented by the creative destruction includes the fact of changing the production units that are part of the innovation process. This leads to the development of new products based on the change that is to be incorporated (Han, Kim Kim, 2011). The essential fact of capitalism is to be analysed with the help of creative destruction (Figueiredo and Margaret, 2003). The new products manufactured helps in getting the older system replaced with the perfect implementation of creativity (Johngaynardcreativity.blogspot.in 2015). Task 3 a) Cognitive-Affective-Conative structure of an attitude Most of the customers have the essential buying attitude that can be described with the help of the following attitudes: Cognitive- These are the generalized ideas that is used by the customers in buying the items. They might have the stereotypes relating to a brand or particular product (Whan et al. 2010). Affective- The feelings of the emotions that are attached to the buying of the products is the basic analysis in this case. The emotions of the teenagers may be different from the customers who are aged. Conative The behavioural component in the most important thing in the present scenario. The customers have the drive that they implement in case of buying the product. This is the major understanding of the behaviours that individuals act in a certain perspective. b) High and Low involvement of attitude development In case of the attitude development of the customers it is important to deal with involvement. In the current research this analysis in effective. In the high levels of involvement there is more attention that is placed along with the advanced understanding of the demands (Petty, Brinol, 2010). Higher levels of the consumptions of the evaluation are the major issue. In the low level is less attention along with the basic understanding of the needs. In case of lower involvement most of the consumption evaluation is lower. This is the basic difference that makes use of the issues along with the understanding of the involvement of the attitude. Reference list Petty, R. E., Brinol, P. (2010). Attitude change.Advanced social psychology: The state of the science, 217-259. Whan Park, C., MacInnis, D. J., Priester, J., Eisingerich, A. B., Iacobucci, D. (2010). Brand attachment and brand attitude strength: Conceptual and empirical differentiation of two critical brand equity drivers.Journal of Marketing,74(6), 1-17. Han, H., Kim, Y., Kim, E. K. (2011). Cognitive, affective, conative, and action loyalty: Testing the impact of inertia.International Journal of Hospitality Management,30(4), 1008-1019. Agapito, D., Oom do Valle, P., da Costa Mendes, J. (2013). The cognitive-affective-conative model of destination image: A confirmatory analysis.Journal of Travel Tourism Marketing,30(5), 471-481. Peres, R., Muller, E., Mahajan, V. (2010). Innovation diffusion and new product growth models: A critical review and research directions.International Journal of Research in Marketing,27(2), 91-106. Hall, J. K., Daneke, G. A., Lenox, M. J. (2010). Sustainable development and entrepreneurship: Past contributions and future directions.Journal of Business Venturing,25(5), 439-448. Figueiredo, de M. John and Margaret, Kyle K. (2003). Surviving the Gales of Creative Destruction: The Determinants of Product Turnover: journal of The Determinants of Product Turnover, 2-4. Johngaynardcreativity.blogspot.in (2015) Johngaynardcreativity.blogspot.in. 'Creativity, Innovation, KM, Internet Freedom And French Management: Creative Destruction And Innovation In The News Industry'. https://johngaynardcreativity.blogspot.in//2009/01/christian-science-monitor-is-to.html2015. 13 July 2015.