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Problem

Regis McKenna notes that “no company in a technology-based industry is safe from unanticipated bumps in the night.” In recent years, many industries have been jolted by technological change. In such an environment, what steps can a product strategist take?

Step-by-step solution

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Step 1/3

In the present world technology is very dynamic in its nature. Innovate or die is the motive of technological firms. The changes that take place in technologies are more rapid compared to any other industry. A new technology makes the existing technology obsolete. Therefore may firms have started creating products according to the needs and requirements of customers to survive in the technology industries.

Step 2/3

Strategists have created a popular tool which is the technology adoption life cycle. This life cycle gives a better understanding of the technology development and adopting it according to the requirements of customers.

Customers can be technology enthusiasts where they are interested in finding out the latest innovations. These consumers often see how products are perceived by other consumers.

The next set of consumers is visionaries, who like to publicize the benefits of innovation. But at times the marketer finds it difficult to satisfy the visionaries as they require special demands and unique product modifications.

The next group of consumers are pragmatists, they believe in technology. Pragmatists are analytical. They make technology purchases in the organization. They are conservatives are hesitant to buy high tech products.

The main job of the high tech firms is to identify pragmatist consumers and ensure that they are satisfied with a minimum set of basic features and services to make a purchase decision.

Step 3/3

Therefore firms design their product according to the category of customers in the technology adoption lifecycle in an ever changing environment.