Product Innovation

Take a product that is 1-2 years old, suggest a strategy for the product to be successful.  In this case, we would like to evaluate Clubhouse.  Clubhouse is a new type of social network based on voice—where people around the world come together to talk, listen and learn from each other in real-time. /0x4*

Diffusion of Innovation – theory that try to explain the phenomena of why product defuse or never make it.  The innovation itself of communication over a social period.  4 steps

Please cover 4 things

  1. Innovation
    1. Continuous (simply change or slight improvement on existing product,
    1. Dynamically Continuous (new product itself or pretty big change to another one enough to alter consumer usage),
    1. Discontinuous Innovation (product we have not seen before),
    1. Compatibility (How does it fit into society),
    1. Complexity (how difficult is it to understand),
    1. Trial Ability (ability of consumer to give it a test run),
    1. Fulfillment of a need (if a product benefit doesn’t directly or quickly solve a problem of a consumer)
  2. Communication – Individual passing on communication to one another
  3. Social System – group of consumers engaged into a joint problem-solving mission. Reference group.  Consumption Subcultures – Identify with a group based on specific product or brand (shared belief or jargon)
  • Time – natural progression of time in the length of adoption
    • Awareness (innovation introduced but not a lot of knowledge),
    • Interest (consumer decides to invest time and energy into the product researching it and how it could benefit them)
    • Evaluation (how do i use, need it, advantage of having it,
    • Trial (give it a chance)
    • Adoption (embrace it for the future)+

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