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Marketing of high technology products

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MANAGER- SALES
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management
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IIM INDORE

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  1. Introduction
  2. Characteristics of technology marketing
  3. Characteristics of the technology as the transfer subject
    1. Uncertainty
    2. Ingenuity
    3. Innovativeness
    4. Reduced development period and short life cycle
    5. Complexity
  4. Characteristics of technology marketing
    1. Long transfer period and procedural complexity
    2. Importance of time management
    3. Importance of opinion adjustments between transfer parties
  5. Common characteristics of high tech industries
    1. Market uncertainty
    2. Technological uncertainty
    3. Competitive volatility
  6. Additional characteristics
    1. Network externalities
    2. Industry standards
    3. Unit one cost
    4. Trade ability problems
  7. Does marketing need to be different for high tech products?
  8. Framework for high tech marketing decisions
  9. Marketing mix 4 P's
    1. Product
    2. Price
    3. Place
    4. Promotion
  10. Issues in distribution channel design and management:
  11. Channel consideration in high tech markets
    1. Need for indirect channels to provide value for manufacturers
    2. Evolution of high tech channels
    3. Understanding gray market
    4. Black markets, piracy, and restricted exports
    5. Supply chain management software
    6. Internet channel
  12. Strategy in high tech firms
    1. Customer
    2. Products and services
    3. Timing
    4. Execution
    5. Strategy innovation
  13. Competitive advantage
  14. Culture and climate in innovative companies
  15. Cultural obstacles to innovativeness
    1. Core rigidities
    2. The innovator's dilemma
  16. Cultural facilitators of innovation
    1. Creative destruction
    2. Leveraging firm dominance effectively
    3. Unlearning
    4. Nurturing a culture and climate of innovation
  17. Relationship marketing
  18. Possible alliance partners along the supply chain
  19. Market orientation
    1. Market oriented firm
    2. Becoming market oriented
    3. Barriers to being market oriented
    4. Turf protection
    5. Core rigidities
    6. Served market
  20. R and D: Marketing interaction
    1. Steps to effective R and D marketing interaction
    2. Strategies to enhance R and D marketing interaction
    3. Cooperation
    4. Constructive conflict
  21. Understanding customers
    1. Marketing research in high tech markets
    2. Forecasting customer demand
    3. Customer purchase decisions
    4. Process of customer purchase decisions
    5. Adoption or diffusion
  22. Steps in segmentation process
    1. Profile the customers in each segment
    2. Evaluate and select a target market
  23. Societal, ethical, and regulatory concerns
    1. Social responsibility and business decisions
    2. Considerations in social responsibility
    3. Ethical controversies surrounding technological advances
    4. The role of the government
    5. Branding in high tech products
  24. Conclusion

Technology has encompassed all human activities spread from farmers in the remote areas to the human activities reaching out into outer space. Managing this tool of "Technology" which governs the future of the mankind, planet and the universe covers multiple disciplines of sciences and mankind. Today's Global economy is, to a large extent, driven by technological innovations. The scope of high-technology applications is no longer limited to computers, telecommunications, or consumer electronics- the ?traditional' high-tech industries; it encompasses a broad cross section of industries in today's business economy.

The 19th-Century 'the age of coal' opened the world through steam ships and railways. The 20th-Century 'the age of oil' has freed humankind from the limits of their physique and the force of elements through powered flights, personalized transport and the like offered by availability of cheap energy. The dawn of the 21st-Century 'the age of information' should free the mind and imagination. Science is concerned with discovering facts and studying the relationships of phenomena. Technology is concerned with using scientific knowledge and scientific methods to fulfill commercial needs. The Technology Management optimally manages and blends science and technology elements to its maximum towards innovation in the industrial world of progress.
Technology is the stock of relevant knowledge that allows new techniques to be derived and includes both product and process know-how. Product technology covers the ideas embodied in the product and its constituent components. Process technology encompasses the ideas involved in the manufacture of a product.

[...] In order to develop effective marketing strategies, firms must have a solid understanding of how and why customers make purchase decisions for high-tech products and innovations. Process of Customer Purchase Decisions: Problem Recognition: Need recognition can be stimulated by internal bottleneck exists in the order fulfillment process) or external (advertising) stimuli. Information Search: This takes the form of identification of alternatives for solving the problem. The buyer may utilize personal sources, commercial sources, public sources, or experiential sources. Evaluate Alternatives: Evaluation of alternatives for high-tech products and innovations follows Everett Rogers' framework for the evaluation and adoption of innovations. [...]


[...] Framework for High-tech Marketing Decisions: Marketing- 4 Ps and Internet High-tech Firms Customers Internal Considerations: Understanding customers: Strategic Market Planning High-tech research Core competencies/ Core rigidities Forecasting Market orientation Customer Decision Making Relationship marketing Adoption/ Diffusion of innovations R&D Marketing interactions Target Marketing Societal, Ethical, and Regulatory Concerns Marketing Mix- 4 Ps: Product: Companies have to develop capability to focus on the core technology upon which the company's long-term success depends. The core technology is visible to the outsiders in the form of products and services. [...]


[...] High risk: The decision maker in relation to technology marketing feels burden of high risk. With technology itself being intangible, more complex, and with shorter the life cycle, the risk becomes greater. Long transfer period & procedural complexity: Technology transfers are more complex than the transfer procedure of general products and often take a long period of time. Importance of time management: With the shortening of technology life cycles and the rapid increase in development speed, efficient time management is more important. [...]

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