Technology Adoption Lifecycle

• The technology adoption lifecycle classifies customers into five categories based on their readiness to adopt new products or services.

Technology Adoption Lifecycle Stages

• Innovators (2.5%): Eager adopters, risk-takers, financially flexible, tuned to innovation sources.
• Early Adopters (13.5%): Slightly more than one-tenth of the population, younger, financially flexible, higher education, opinion leaders.
• Early Majority (34%): Conservative, risk-averse, rely on influencers and early adopters, research-oriented, drive market share growth.
• Late Majority (34%): Skeptical, less financially flexible, interact with early majority consumers, indicating market maturity.
• Laggards (16%): Averse to change, not influenced by opinion leaders, focus on reliability, may have limited financial flexibility, trust close contacts rather than influencers/early adopters.

Technological Disruption

• A technological disruption occurs when a new technology changes how consumers, businesses, and industries operate.
• Disruptive technologies often create new markets and value networks.
• They can radically change established markets by offering superior benefits and rendering older items or processes obsolete.

Examples of Disruptive Technology

• Artificial Intelligence (AI): Technology that can reason and problem-solve like humans.
• Weak AI: Replaces specific human tasks, like self-driving vehicles.
• Strong AI: Technology with human-level intelligence, capable of self-awareness, problem-solving, learning, and planning.
• Smartphones: Portable devices connecting to cellular networks and the internet as combination of phones and computers.
• E-commerce: Online business model enabling buying and selling of goods and services through internet-connected devices.

Advantages of Disruptive Technology

• Innovative benefits: Offers new and notable benefits, changing industries. For example, the internet disrupted traditional information gathering.
• Startup opportunities: Provides opportunities for startups to gain footholds in established industries.
• Room for business growth: Allows businesses to grow within or outside their current industry, attracting new customers.

Challenges of Disruptive Technology

• Unrefined inventions: New technology can be untested and unrefined, making marketing challenging.
• Early performance problems: Innovations may require updates and patches to overcome challenges.
• Unproven applications: Consumers may hesitate to adopt new technology if they are satisfied with familiar alternatives.

New Product Development (NPD)

• Aims to stay successful in the face of maturing products, but faces the problem that only a few products out of thousands reach the market.
• Success depends on understanding consumers, markets, and competitors to deliver superior value.

Steps in NPD

• Idea Generation: Systematic search for new-product ideas from internal and external sources.
• Idea Screening: Filtering ideas to select good ones and drop poor ones as soon as possible to minimize increasing product development costs.
• Concept Development & Testing: Developing a detailed version of the new product idea and testing it with target consumers for feedback.
• Marketing Strategy Development: Designing an initial marketing strategy based on the product concept.
• Business Analysis: Reviewing sales, costs, and profit projections to ensure the company's objectives are met.
• Product Development: Developing the product into a physical form and testing its safety and effectiveness.
• Test Marketing: Testing the product in realistic market settings to gain marketing experience.
• Commercialization: Introducing the new product to the market, which incurs the highest costs.

Factors to consider before commercialization

• Timing of the product launch.
• Location for product introduction (single location, region, nationally, or internationally).
• Market rollout plan.

Things to keep in mind during NPD

• Identifying your customers.
• Effective product management.
• Product architecture.
• Separating outcomes from the product.

Reasons for new product failures

• Overestimation of market size.
• Design problems.
• Incorrect positioning, pricing, or advertising.
• Being Pushed despite poor marketing research findings.
• High development costs.

Product Lifecycle Management (PLM)

• PLM is an information management system that integrates data, processes, business systems, and people within an extended enterprise.
• it enhances product efficiency and cost-effectiveness
• Greater visibility and improved collaboration are achieved as a result.
• It allows for improved standard compliance.
• Supports improved product quality and faster response to dynamic markets.
• Enables greater re-use of components.

Stages of PLM

• Design: Focuses on engineering, product management, change management, item management, bill of materials (BOM) management, and RFQ management.
• Build: Involves manufacturing, quality, and purchasing with processes related to BOM management, supplier management, NCRs/CAPAs, and change management.
• Disposal: Focuses on service and manufacturing with processes related to ROHS.
• Plan: Centers on sales, marketing, and engineering with processes for new product introductions, program management, quoting and costing, customer management, and requirements management.
• NPD involves filtering and developing new product concepts, production based on demand, and using product lifecycle management to track production and supply chain.

Tech Ideation process components

• Recognizing the need.
• Improve an existing product.
• Recognizing the trends.
• Be aware of everything.

Product Life Cycle stages

• Introduction: the initial phase where customers are first introduced to the new product.
• Growth: Characterized by growing demand, increased production, and expanding availability.
• Maturity: The most profitable stage with declining production and marketing costs.
• Decline: Market share may decrease due to competition.

Developing an Effective Business Model

• A business model describes how a firm competes, uses resources, structures relationships, interfaces with customers, and creates value to sustain itself.
• It's important to understand that a firm's business model takes it beyond its own boundaries, and it needs cooperation of its suppliers, customers, and many others to make the business model possible.

The importance of a business model

• Serves as ongoing extension of feasibility analysis: Continually asking "Does this business make sense?".
• Focuses attention on how elements fit together and constitute a working whole.
• Describes why participants are willing to work together.
• Articulates a company's core logic to all stakeholders.

Aspects of Diversity in Business Models

• There is no standard business model for an industry but successful models often predominate over time.
• Innovation is always possible with business models.

How Business Models Emerge: Value Chain

• The value chain involves moving a product from raw materials to the end user through various activities.
• Organizations create additional value and identify opportunities for new businesses by studying a product's value chain to better improve business models.

Components of a Business Model

• Core Strategy: Describes how a firm competes. Elements include mission statement, product/market scope, and basis for differentiation.
• Strategic Resources: Resources affect a firm's business model. Resources may initially be limited. Important resources are core competencies and strategic assets.
• Partnership Network: Includes suppliers and other key relationships. Ventures typically don't have resources to perform key roles themselves.
• Customer Interface: Affects how a firm interacts with its customer hinges on how it chooses to compete.

Elements of a company's customer interface

• Target customer.
• Fulfillment and support.
• Pricing model.
• The importance of business models is that it provides effective manner for a new venture to look at itself in a holistic manner and understand that it must construct an effective "business model" to be successful.

Artificial Intelligence (AI)

• Field of science/technology based on disciplines such as computer science, biology, psychology, mathematics, and engineering to develop computers that simulate the ability to think, as well as see, hear, walk, talk, and feel.

Attributes of Intelligent Behavior

• Thinking, reasoning, problem-solving, learning from experience, acquiring and applying knowledge, expressing creativity/imagination, dealing with complex/new situations, recognizing relative importance, and handling ambiguous/incomplete information.

Commercial Applications of AI

• AI systems can perform useful work in a very large and complex world. Because small software agents don't have a complete representation of the world, they are uncertain about their actions.
• Small software agents learn to understand probabilities of things happening.

Examples of Commercial AI

• Decision Support: Intelligent human-computer interface (HCI), Situation assessment and resource allocation.
• Information Retrieval: AI-based intranet and Internet systems and Database mining.
• Virtual Reality: Automated animation allows users to interact with virtual objects via touch.
• Robotics: Cutting-edge systems with hands and legs to cognitive robotic and trainable modular vision systems.

Expert Systems

• Knowledge-based information systems that are specifically created act as an expert consultant to end users to helps preserve and reproduce the knowledge of experts
• They excel at solving specific types of problems in a limited domain of knowledge.

Expert System Categories

• Decision Management.
• Diagnostic/Troubleshooting.
• Design/Configuration and selection
• Classification and Process Monitoring/Control.

Fuzzy Logic

• Resembles human reasoning. It is a reasoning method that allows for approximate values and inferences and incomplete or ambiguous data.