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Current Marketing Trends in Innovation

Current Marketing Trends in Innovation. Dr . Seo Jeong-Hoan Professor of Business Administration(Marketing) Changshin University , Korea. 2014 The 11th conference of NEWS ,CTGU. 6 Innovation Trends. 6 . 3-D Printing. 1 . Service Innovation. 2 . Open Innovation. 5 . Design

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Current Marketing Trends in Innovation

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  1. Current Marketing Trends in Innovation Dr. SeoJeong-Hoan Professor of Business Administration(Marketing) ChangshinUniversity , Korea

  2. 2014 The 11th conference of NEWS ,CTGU 6 Innovation Trends • 6. 3-D • Printing • 1. Service • Innovation • 2. Open • Innovation • 5. Design • Thinking • 4. Social • Innovation • 3. Global • Innovation

  3. 2014 The 11th conference of NEWS ,CTGU 1. Service Innovation • 80% to 90% of GDP today comes from services in countries such as: US, UK, Japan, Germany,Netherlands, Finland1 • Many offerings today are product service systemse.g. Samsung Galaxy S3 1http://forum.uschamber.com/blog/2012/03/manufacturing%E2%80%99s-declining-share-gdp

  4. 2014 The 11th conference of NEWS ,CTGU Service Innovation (cont’d) • Burberry’s ‘Direct-to-Buy’ offering • Is it successful? In 2011/12, Burberry’s revenuewas $3,104m – a 23% increase over the previousyear Source: http://serviceinnovationcases.wordpress.com/

  5. 2014 The 11th conference of NEWS ,CTGU ServiceInnovation (cont’d) • What is the nature of co-creation in radical service innovations? • What effective practices exist for involving customers and network partners in identifying, creating, and developing service innovations and product service systems? • What are the successful launch strategies for services and product service systems? • How can a service firm create a culture of innovation? • What are the effective strategies and capabilities for corporations moving from a focuson goods to product service systems and service innovation?

  6. 2014 The 11th conference of NEWS ,CTGU 2. Open Innovation • Purposive use of inflows and outflows of knowledge to accelerate innovation1 • Many examples of OI: Lego Cuusoo • Three areas of research focus: • networks • co-creation • social networking tools 1Chesbrough, Vanhaverbeke, and West, 2006

  7. 2014 The 11th conference of NEWS ,CTGU Open Innovation: ①Networks • What capabilities do network partners need to be involvedin creating, developing, and commercializing innovations? • What strategies, tools, processes, and practices are mosteffective for forming and sustaining networks? • What kinds of networks predominate and are most effective? • What are some potential moderators of the network-performance relationship (e.g., firm, industry, national culture)? • What are the effective practices and strategies for dealingwith the intellectual property issues brought about by usingnetworks for innovation?

  8. 2014 The 11th conference of NEWS ,CTGU Open Innovation: ②Co-creation • What tools, processes, factors enable effective co-creation efforts with customers? • When is co-creation most impactful in the New Product Design New Servie Design process? • What kind of customer co-creation is most effectivein terms of its impact on innovation and firmperformance?

  9. 2014 The 11th conference of NEWS ,CTGU Open Innovation: ③Social Networking • What is the impact of social media and socialnetworking tools on innovation performancein each phase of the NPD/NSD process? Onoverall NPD/NSD performance? • What are effective strategies for using socialnetworking tools for innovation? • What types of social media work best forinnovation efforts (i.e., incremental, reallynew, radical)?

  10. 2014 The 11th conference of NEWS ,CTGU 3. Global Innovation • Current innovation research shows that countryeffects exist. • Majority of research based on North Americanand Western European contexts1 • Types of Global Innovation: • Reverse Innovation • Bottom of the Pyramid 1Song, Kawakami, and Stringfellow, 2010; Song and Parry, 1996

  11. 2014 The 11th conference of NEWS ,CTGU Global Innovation (cont’d) • Reverse Innovation • Is any innovation likely to be adopted first in thedeveloping world and then taken to developedcountries • Example: GE Healthcare’s cheap and portableultrasound machine • Price: $15k vs. $100k – $350k • Also being used in developed countries at accident sites, inemergency rooms and operating rooms

  12. 2014 The 11th conference of NEWS ,CTGU Global Innovation (cont’d) • Bottom of the Pyramid (BOP) • BOP innovations are new business models thattarget the 4 billion people who live on <$2.50 perday • Example: P&G Guard Razor in India • Did ethnographic research; fewer parts, plastic,single blade, “good enough”; Safety comb, easy-rinse cartridges • Razors sell for 30 cents; blades for 10 cents

  13. 2014 The 11th conference of NEWS ,CTGU Global Innovation (cont’d) • What innovation practices, tools, capabilities work bestin non-Western and emerging markets? • What is the role of networks in creating and beingsuccessful in reverse innovation and innovation at the BOP? • What is the impact of reverse innovation andinnovation at the BOP on firm performance? • What are the capabilities needed to be successful in these types of strategic innovation approaches?

  14. 2014 The 11th conference of NEWS ,CTGU 4. Social Innovation • Business models that operate at the intersection of economic,social, and environmental interests • They strive to meet the triple bottom line: people, planet and profit • TOMS Shoes & Eyewear • Buy-One Give-One Model • Give shoes in more than 60 countries and eyewear in 13 countries

  15. 2014 The 11th conference of NEWS ,CTGU Social Innovation • “Green” Environmentalism: Technologies, products and processes that are less damaging to the planet. • Clorox Green Works • Launched in January 2008 • Grew the natural cleaning product category by 80% in 1 year • Generated a 40% share of a $200m market in 1 year

  16. 2014 The 11th conference of NEWS ,CTGU Social Innovation (cont’d) • What are the antecedents to social innovation? • What kind of organizations are the primarydrivers of social innovations? • Does the innovativeness (radical vs. incremental)of the social innovation influence its performance? • What is the impact of social innovations on firmperformance, brand image, recipients, etc.? • What innovation practices, tools, capabilitieswork best for creating social innovations?

  17. 2014 The 11th conference of NEWS ,CTGU 5. Design Thinking • Ability to combine: • understanding of people’s needs • creativity in the generation of a technologicallyfeasible solution • rationality to fit the solution to provide customervalue and exploit a market opportunity Source: Tim Brown, CEO of IDEO, HBR, 2008

  18. 2014 The 11th conference of NEWS ,CTGU Design Thinking (cont’d) • Example: Samsung • Problem: Novice consumers overwhelmed bythe capabilities of technology • Solution: Cutting-edge, user-friendly devices • A design strategy specifically intended toappeal to novice consumers

  19. 2014 The 11th conference of NEWS ,CTGU Design Thinking (cont’d) • Is design a culture, a capability, or a dynamiccapability (or all of them?) • What is the role of design in incremental vs. radicalinnovations? • Can design be a source of competitive advantage? • How can/should a firm diffuse design thinking among its employees? • What is the impact of design thinking on innovation outcomes? Source: Noble, JPIM, May 2011; Liedtka, JPIM, forthcoming

  20. 2014 The 11th conference of NEWS ,CTGU 6. 3D Printing • Process of making 3-Dimensional computeraided design objects of virtually any shape • Materials: plastic, sugar, metal, chocolate • Examples: automobile and aerospace parts,jewelry, iPhone covers, custom braces forteeth, and model trains.

  21. 2014 The 11th conference of NEWS ,CTGU 3D Printing (cont’d) • Advantage: unlimited customization, fewerwasted materials, lower manufacturing costs • From industrial-grade technologies, 3Dprinting has flowed downstream to consumers • Woman has jaw replaced with a 3D printedjaw from titanium • Custom coverings for prosthetic legs

  22. 2014 The 11th conference of NEWS ,CTGU 3D Printing (cont’d) • What is the impact of 3D printing on speed tomarket and new product performance? • In what stages of the NPD/NSD process is 3Dprinting most effective? • How is it changing NPD? • What is its impact on the “maker community”? • What are consumer reactions to 3D printing? Whatare the barriers to adoption?

  23. 2014 The 11th conference of NEWS ,CTGU Conclusion • Many opportunities for further research in the fieldof innovation • These are just a sample of some research questionsthat need exploring • Hope that some of you will be inspired to join inthese efforts

  24. Thank You!謝謝!ありがとうございます!Vielen Dank!Merci!La ringrazio!Благодарю вас!ขอบพระคุณครับ !

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