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Impact of product innovativeness on technology switching in global market

Impact of product innovativeness on technology switching in global market The purpose of this paper is to explore the relationship between product innovativeness and the process of technology switching. This issue is important for two reasons: (1) in mature markets, the only way to increase market share is through consumers' switching from competitor firms and (2) it is essential to determine whether the product innovation strategy can meet users' needs in high-technology markets.Design/methodology/approachResearch centers (university hospitals) specializing in magnetic resonance imaging (MRI) are the lead users of the MRI market. In this market, the technology switching process was tracked using an annual conference database. Interviews with industry experts and lead users were conducted in order to determine the relationship between product innovativeness and technology switching.FindingsThe findings reveal that in the lead users' segment, technology switching is occurring at a significant level. The interviews emphasized the influence of product innovativeness on technology switching in the global MRI market, as well as the importance of adopting an open innovation process as a strategy to enhance product innovativeness.Practical implicationsThe results can be generalized to industries with similar characteristics, such as high rates of technological change and technology heterogeneity. In high-technology markets, managers should monitor switching behavior. They should also study the influence of product innovativeness on such behavior in order to determine the correct product innovation strategy and meet users' preferences effectively.Originality/valueThe literature reports considerable research that investigates switching behavior, but most publications use data from a short time period and cover a limited geographical region. This is the first study that uses data to track the switching behavior of high-technology products on a global scale over a 22-year period. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png EuroMed Journal of Business Emerald Publishing

Impact of product innovativeness on technology switching in global market

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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1450-2194
DOI
10.1108/emjb-11-2019-0143
Publisher site
See Article on Publisher Site

Abstract

The purpose of this paper is to explore the relationship between product innovativeness and the process of technology switching. This issue is important for two reasons: (1) in mature markets, the only way to increase market share is through consumers' switching from competitor firms and (2) it is essential to determine whether the product innovation strategy can meet users' needs in high-technology markets.Design/methodology/approachResearch centers (university hospitals) specializing in magnetic resonance imaging (MRI) are the lead users of the MRI market. In this market, the technology switching process was tracked using an annual conference database. Interviews with industry experts and lead users were conducted in order to determine the relationship between product innovativeness and technology switching.FindingsThe findings reveal that in the lead users' segment, technology switching is occurring at a significant level. The interviews emphasized the influence of product innovativeness on technology switching in the global MRI market, as well as the importance of adopting an open innovation process as a strategy to enhance product innovativeness.Practical implicationsThe results can be generalized to industries with similar characteristics, such as high rates of technological change and technology heterogeneity. In high-technology markets, managers should monitor switching behavior. They should also study the influence of product innovativeness on such behavior in order to determine the correct product innovation strategy and meet users' preferences effectively.Originality/valueThe literature reports considerable research that investigates switching behavior, but most publications use data from a short time period and cover a limited geographical region. This is the first study that uses data to track the switching behavior of high-technology products on a global scale over a 22-year period.

Journal

EuroMed Journal of BusinessEmerald Publishing

Published: Mar 8, 2021

Keywords: Technology switching; Product innovativeness; Open innovation; Magnetic resonance imaging; Lead users

References