It's for ages been presumed that businesses develop new products for consumers, while consumers are passive recipients - purchasing and consuming what makers create. But this paradigm is essentially flawed, because consumers are a major source of product innovations. The writers have framed a new innovation paradigm, in which consumers and users play a central and active role in developing products by themselves. In this informative article, they summarize key findings from studies on consumer product innovation ran in Japan, the Uk and the U.S.. The authors describe three phases in the brand new innovation paradigm. In the second stage, other consumers become interested in the products that are new.
In the 3rd stage, company companies decide if the informative data on the design and function of the brand new merchandise, as well as the market that is projected, are consistent with their risk profiles. The consequences are critical for both companies and consumers, the writers note. Consumer innovators should comprehend they play important roles in developing novel products and services. Businesses, for their part, need to consider how they can reorganize their product development systems to take good advantage of models developed by users.
The Age of the Consumer-Innovator case study solution
PUBLICATION DATE: October 01, 2011 PRODUCT #: SMR397-HCB-ENG
This is just an excerpt. This case is about STRATEGY & EXECUTION
Related Case Solutions & Analyses:
Strategic Use of Music in Marketing: Selective Review
Skisailer: Marketing a Young Investors Dream
Sony Europa (A)
How to Win in an Omnichannel World
Coffee wars in India
Clique Pens: The Writing Implements Division of U.S. Home
Warner Bros. Pictures: The Harry Potter Dilemma
Indian Premier League: Re-energizing Cricket?
Chinese Fireworks Industry – Revised
Biba: Stitching Plans for Growth
