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Early Adopters
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer
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'' mean ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dominance (economics)
Market dominance describes when a firm can control markets. A dominant firm possesses the power to affect competition and influence market price. A firms' dominance is a measure of the power of a brand, product, service, or firm, relative to competitive offerings, whereby a dominant firm can behave independent of their competitors or consumers, and without concern for resource allocation. Dominant positioning is both a legal concept and an economic concept and the distinction between the two is important when determining whether a firm's market position is dominant. Sources of Market Dominance Firms can achieve dominance in their industry through multiple means, such as; * First-mover advantage, * Innovation, * Brand Equity, and * Economies of scale. First-Mover Advantages Many dominant firms are the first "important" competitor in their industry. These firms can achieve short- or long-term advantages over their competitors when they are the first offering in a new in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Qualitative Marketing Research
Qualitative marketing research involves a natural or observational examination of the philosophies that govern consumer behavior. The direction and framework of the research is often revised as new information is gained, allowing the researcher to evaluate issues and subjects in an in-depth manner. The quality of the research produced is heavily dependent on the skills of the researcher and is influenced by researcher bias. Data collection Qualitative marketing researchers collect data ranging from focus group, case study, participation observation, innovation game and individual depth interview. Focus group The focus group is marketing research technique for qualitative data that involves a small group of people (6–10) that share a common set characteristics (demographics, attitudes, etc.) and participate in a discussion of predetermined topics led by a moderator. There are opportunities to conduct focus groups with the use of focus group software. There are many types of f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Lifecycle Management
In industry, Product Lifecycle Management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprises. History The inspiration for the burgeoning business process now known as PLM came from American Motors Corporation (AMC). The automaker was looking for a way to speed up its product development process to compete better against its larger competitors in 1985, according to François Castaing, Vice President for Product Engineering and Development. Lacking the "massive budgets of General Motors, Ford, and foreign competitors … AMC placed R&D emphasis on bolstering the product lifecycle of its prime products (particularly Jeeps)." After introducing its compact Jeep Cherokee (XJ), the vehic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Participatory Design
Participatory design (originally co-operative design, now often co-design) is an approach to design attempting to actively involve all stakeholders (e.g. employees, partners, customers, citizens, end users) in the design process to help ensure the result meets their needs and is usable. Participatory design is an approach which is focused on processes and procedures of design and is not a design style. The term is used in a variety of fields e.g. software design, urban design, architecture, landscape architecture, product design, sustainability, graphic design, planning, and even medicine as a way of creating environments that are more responsive and appropriate to their inhabitants' and users' cultural, emotional, spiritual and practical needs. It is also one approach to placemaking. Recent research suggests that designers create more innovative concepts and ideas when working within a co-design environment with others than they do when creating ideas on their own. Partic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Observational Techniques
In marketing and the social sciences, observational research (or field research) is a social research technique that involves the direct observation of phenomena in their natural setting. This differentiates it from experimental research in which a quasi-artificial environment is created to control for spurious factors, and where at least one of the variables is manipulated as part of the experilovement. In context Observational research is a method of data collection that has become associated with qualitative research. Compared with quantitative research and experimental research, observational research tends to be less reliable but often more valid. The main advantage of observational research is flexibility. The researchers can change their approach as needed. Observational research measures behavior directly, rather than the subject's self-reports of behavior or intentions. The main disadvantage is it is limited to behavioral variables. It cannot be used to study cognitive o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Learning-by-doing (economics)
Learning-by-doing is a concept in economic theory by which productivity is achieved through practice, self-perfection and minor innovations. An example is a factory that increases output by learning how to use equipment better without adding workers or investing significant amounts of capital. The concept of learning-by-doing has been used by Kenneth Arrow in his design of endogenous growth theory to explain effects of innovation and technical change. Robert Lucas, Jr. (1988) adopted the concept to explain increasing returns to embodied human capital. Yang and Borland (1991) have shown learning-by-doing plays a role in the evolution of countries to greater specialisation in production. In both these cases, learning-by-doing and increasing returns provide an engine for long run growth. Recently, it has become a popular explaining concept in the evolutionary economics and resource-based view (RBV) of the firm. The Toyota Production System is known for Kaizen is concept ... [...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 w ... [...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 service (economics), 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 product (business), products, processes, Service (economics), services, technologies, art works or business models that innovators make available to Market (economics), 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. Tech ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hipster (contemporary Subculture)
The 21st-century hipster is a subculture (sometimes called hipsterism). Fashion is one of the major markers of hipster identity. Members of the subculture typically do not self-identify as hipsters, and the word ''hipster'' is often used as a pejorative for someone who is pretentious or overly concerned with appearing trendy. Stereotypical fashion elements include vintage clothes, alternative fashion, or a mixture of different fashions, often including skinny jeans, checked shirts, knit beanies, a full beard or deliberately attention-grabbing moustache, and thick-rimmed or lensless glasses. The subculture is often associated with indie and alternative music. In the United States, it is mostly associated with perceived upper-middle-class white young adults who gentrify urban areas. The subculture has been critiqued as lacking authenticity, promoting conformity and embodying a particular ethic of consumption that seeks to commodify the idea of rebellion or countercu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Focus Group
A focus group is a group interview involving a small number of demographically similar people or participants who have other common traits/experiences. Their reactions to specific researcher/evaluator-posed questions are studied. Focus groups are used in market research to understand better people's reactions to products or services or participants' perceptions of shared experiences. The discussions can be guided or open. In market research, focus groups can explore a group's response to a new product or service. As a program evaluation tool, they can elicit lessons learned and recommendations for performance improvement. The idea is for the researcher to understand participants' reactions. If group members are representative of a larger population, those reactions may be expected to reflect the views of that larger population. Thus, focus groups constitute a research or evaluation method that researchers organize to collect qualitative data through interactive and directed discuss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
