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Customer Foresight
Customer foresight is a new field of applied research. It aims to understand future consumer preferences and wishes with regard to tomorrow's products and services. It does so by combining customer research and foresight research elements. Customer foresight can be conceived as an interaction with projected future markets through selected customers by understanding their wishes and attitudes, ideas and visions as well as their perception of signals and drivers of change. Even though the concept cannot predict the future, it enables companies to prepare for different future scenarios and thus improves strategy and decision-making processes. Definition and classification As the future combines both continuity and change, not everything one knows today will disappear tomorrow. Some things will change significantly while others will not. But even today, research reveals that numerous inventions fail due to a lack of customer centricity. Consequently, anticipating future customer need ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Preferences
Consumer behavior is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services. Consumer behaviour consists of how the consumer's emotions, attitudes, and preferences affect buying behaviour. Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an interdisciplinary social science that blends elements from psychology, sociology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics (especially behavioural economics). The study of consumer behaviour formally investigates individual qualities such as demographics, personality lifestyles, and behavioural variables (such as usage rates, usage occasion, loyalty, brand advocacy, and willingness to provide referrals), in an attempt to understand people's wants and consumption patterns. Consumer behaviour also investigates on the influences on the consumer, from soci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Design Thinking
Design thinking refers to the set of cognitive, strategic and practical procedures used by designers in the process of designing, and to the body of knowledge that has been developed about how people reason when engaging with design problems. Design thinking is also associated with prescriptions for the innovation of products and services within business and social contexts. Background Design thinking has a history extending from the 1950s and '60s, with roots in the study of design cognition and design methods. It has also been referred to as "designerly ways of knowing, thinking and acting" and as "designerly thinking". Many of the key concepts and aspects of design thinking have been identified through studies, across different design domains, of design cognition and design activity in both laboratory and natural contexts. The term design thinking has been used to refer to a specific cognitive style (thinking like a designer), a general theory of design (a way of understanding ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Early Adopter
An early adopter or lighthouse customer is an early customer of a given company, product, or technology. The term originates from Everett M. Rogers' ''Diffusion of Innovations'' (1962). History Typically, early adopters are customers who, in addition to using the vendor's product or technology, also provide considerable and candid feedback to help the vendor refine its future product releases, as well as the associated means of distribution, service, and support. Early adoption could also be referred to as a form of testing in the early stages of a project. The relationship is synergistic. The customer receives early (and sometimes unique, or at least uniquely early) access to an advantageous new product or technology. In return, the customer may also serve as a kind of guinea pig. In exchange for being an early adopter, and thus being exposed to the problems, risks, and annoyances common to early-stage product testing and deployment, the "lighthouse customer" is sometimes give ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lead User
Lead user is a term developed by American economist Eric von Hippel (). His definition for lead user is: #Lead users face needs that will be general in a marketplace – but face them months or years before the bulk of that marketplace encounters them, and #Lead users are positioned to benefit significantly by obtaining a solution to their needs and so may innovate. Lead users are a very important source of innovative progress because they often pioneer - acting earlier than producers to develop important new types of products and applications. Being innovation pioneers benefits lead users because they innovate to serve their own needs. For this reason, they need not concern themselves with whether others will also want what they are developing for themselves. In contrast, producers must wait for evidence that there is a general and profitable market to be served before they can justify investing in a new type of innovation. For example, mountain bikes were developed by individuals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through the development of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, invention: innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations require a new invention. Technical innovation often manifests itself via the engineering process when the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Futures Studies
Futures studies, futures research, futurism or futurology is the systematic, interdisciplinary and holistic study of social and technological advancement, and other environmental trends, often for the purpose of exploring how people will live and work in the future. Predictive techniques, such as forecasting, can be applied, but contemporary futures studies scholars emphasize the importance of systematically exploring alternatives. In general, it can be considered as a branch of the social sciences and an extension to the field of history. Futures studies (colloquially called "futures" by many of the field's practitioners) seeks to understand what is likely to continue and what could plausibly change. Part of the discipline thus seeks a systematic and pattern-based understanding of past and present, and to explore the possibility of future events and trends. Unlike the physical sciences where a narrower, more specified system is studied, futurology concerns a much bigger a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goethe University Frankfurt
Goethe University (german: link=no, Johann Wolfgang Goethe-Universität Frankfurt am Main) is a university located in Frankfurt am Main, Germany. It was founded in 1914 as a citizens' university, which means it was founded and funded by the wealthy and active liberal citizenry of Frankfurt. The original name was Universität Frankfurt am Main. In 1932, the university's name was extended in honour of one of the most famous native sons of Frankfurt, the poet, philosopher and writer/dramatist Johann Wolfgang von Goethe. The university currently has around 45,000 students, distributed across four major campuses within the city. The university celebrated its 100th anniversary in 2014. The first female president of the university, Birgitta Wolff, was sworn into office in 2015, and was succeeded by Enrico Schleiff in 2021. 20 Nobel Prize winners have been affiliated with the university, including Max von Laue and Max Born. The university is also affiliated with 18 winners of the Gottfr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Insight
A customer insight, or consumer insight, is an interpretation of trends in human behaviors which aims to increase the effectiveness of a product or service for the consumer, as well as increase sales for the financial benefit of those provisioning the product or service. There is an overlap between market research and customer insights. While market researchers can produce consumer insights, not all insights require market research techniques. The insights can be acquired using competitive intelligence, big data, machine learning, social media listening, geomarketing, and text analytics, as well as market research, predictive analytics and database marketing. Specifically, consumer insights is a field that focuses on analyzing market research and acting as a bridge between Research and Marketing departments within a company. Commonly referred to as CI, it is the intersection between the interests of the consumer and the features of a brand A brand is a name, term, desig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Value
In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long run. Business value expands concept of value of the firm beyond economic value (also known as economic profit, economic value added, and shareholder value) to include other forms of value such as employee value, customer value, supplier value, channel partner value, alliance partner value, managerial value, and societal value. Many of these forms of value are not directly measured in monetary terms. Business value often embraces intangible assets not necessarily attributable to any stakeholder group. Examples include intellectual capital and a firm's business model. The balanced scorecard methodology is one of the most popular methods for measuring and managing business value. See Business valuation. Philosophy The concept of business value aligned with the theory that a firm is best viewed as a network of relationships both inter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Backtesting
Backtesting is a term used in modeling to refer to testing a predictive model on historical data. Backtesting is a type of retrodiction, and a special type of cross-validation applied to previous time period(s). Financial analysis In a trading strategy, investment strategy, or risk modeling, backtesting seeks to estimate the performance of a strategy or model if it had been employed during a past period. This requires simulating past conditions with sufficient detail, making one limitation of backtesting the need for detailed historical data. A second limitation is the inability to model strategies that would affect historic prices. Finally, backtesting, like other modeling, is limited by potential overfitting. That is, it is often possible to find a strategy that would have worked well in the past, but will not work well in the future. Despite these limitations, backtesting provides information not available when models and strategies are tested on synthetic data. Backtestin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Research
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, agencies such as law firms, film studios, and health care providers tend to prefer ''client'', while grocery stores, banks, and restaurants tend to prefer '' customer'' instead. Clients The term client is derived from Latin ''clients'' or ''care'' meaning " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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