The Product And Service Offerings

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Target customer is pertaining to whom the product or service is marketed to and sold. (Wharton, 2006) Much of a company’s demand research goes into studying who is interested in and purchasing their product or service. Consumer groups are constantly being identified so that new markets can be breached that haven’t yet been accessed. Age, gender, and ethnicity are all major identifiers for subsets of consumers to be studied and marketed to. (Rigby, Christenson, & Johnson, 2002) Finding a target consumer group can result in a new product line, sales ads and audience which in turn can drastically change a company’s profit as well as reputation. Technological Levers of Change Far more known are the next three levers of change. The technological levers have more to do with traditional notions of innovation and involve more product and technology based revolutions as opposed to operation and business model analysis. (Wharton, 2006) Product and Service Offerings A product and service offering is the invention in innovation. (Wharton, 2006) This comes down to the actual product being sold, how it operates, what the product consists of, and what functions it performs. This can consist of an improvement on a product which already exists or an entirely new invention, the former being far more common in modern markets. (Wharton, 2006) An example of constant improvements would be Apple Inc. This company is commonly improving upon old products and relies heavily on this lever for operations and innovation. Process Technologies Process technology is the behind-the-scenes aspect of technology innovation. (Wharton, 2006) This consists of the technologies that manufacture goods and services and also transport them. An example of an innovat... ... middle of paper ... ...business to take advantage of innovation persistently and with success. Above all else, innovation needs to be a mindset, a way of approaching problems and an openness to the possibility of innovating every sector of a business model and a technology. The six levers of change illustrate a mechanism by which to analyze the possibility of innovation systematically and cohesively. Original thought is the manifestation of innovation at its birth. It is important for every business to analyze which technique and area of innovation works for them specifically. Just because two businesses have a similar model in the same market and one grew from editing their supply chain in a specific way, does not mean that that same technique would work for the other. It takes time and planning to correctly utilize innovation but most of all, it requires creativity and originality.
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