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Successful Marketing Strategy for High-Tech Firms Third Edition For a listing of recent titles in the Artech House Technology Management and Professional Development Library, turn to the back of this book Successful Marketing Strategy for High-Tech Firms Third Edition Eric Viardot Artech House Boston • London www.artechhouse.com Library of Congress Cataloging-in-Publication Data A catalog record for this book is available from the U.S Library of Congress British Library Cataloguing in Publication Data A catalog record for this book is available from the British Library Viardot, Eric Successful marketing stratagy for high-tech firms.—3rd ed —(Artech House technology management library) High technology—Marketing Technological innovations—Marketing I Title 620.00688 ISBN 1580537006 Cover design by Gary Ragaglia © 2004 ARTECH HOUSE, INC 685 Canton Street Norwood, MA 02062 All rights reserved Printed and bound in the United States of America No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the publisher All terms mentioned in this book that are known to be trademarks or service marks have been appropriately capitalized Artech House cannot attest to the accuracy of this information Use of a term in this book should not be regarded as affecting the validity of any trademark or service mark International Standard Book Number: 1-58053-700-6 10 Contents Introduction xi Acknowledgments xv The Meaning of Marketing for High-Tech Firms 1.1 What is marketing? 1.2 What is a high-tech product? 1.2.1 10 Innovation: evolution and revolution 12 1.2.4 High investments in research and development 16 1.2.5 Market specificity 20 1.2.6 Product diversity in high technology 20 1.2.7 1.4 A short life cycle 1.2.3 1.3 The incorporation of sophisticated technology 1.2.2 Government involvement in the high-tech sector 21 What is high-tech marketing? Summary References 23 26 27 Corporate and Marketing Strategies in the High-Tech Industry 31 2.1 32 The strategic dimensions of technology 34 2.2.1 2.2 The company’s mission and vision in the high-tech industry 35 The technologies’ life cycles 2.2.2 The introduction phase of technology: why are companies usually unable to anticipate the market impact of technologies? 2.2.3 The growth phase of technology: how you establish a technological standard? 2.3 38 41 Technology as a strategic resource competence 48 2.3.1 50 The physical and virtual value chain model v vi Contents 2.3.2 53 2.3.3 2.4 The technology portfolio Managing technology as a core competence 55 58 Relabeling 58 2.4.2 Licensing 59 2.4.3 External research contracts 59 2.4.4 Hiring from the industry 60 2.4.5 Alliances 60 2.4.6 Joint ventures 62 2.4.7 2.5 Developing technology competence through external growth 2.4.1 Acquisition 63 64 2.5.1 Situation analysis for high-tech firms 65 2.5.2 Targeting market(s) and designing the marketing mix 66 2.5.3 Action programs 66 2.5.4 2.6 Marketing strategy and marketing plan for high-tech products Monitoring procedures 67 Summary 68 References 69 Knowing Customers and Markets 3.1 73 Determining the customer’s buying behavior 74 3.1.1 74 Purchasing factors for high-tech consumer products 3.1.2 Purchasing factors for high-tech products in business-to-business activities 79 3.1.3 3.2 Specific purchasing criteria for high-tech products 85 Estimating demand 93 3.2.1 96 Sampling groups and test markets 96 3.2.4 Using a quantitative analysis 97 3.2.5 3.4 94 The opinions of experts 3.2.3 3.3 Concept tests and prototype tests 3.2.2 On-line market research 99 Managing the relationship with customers 101 Summary 102 References Understanding Competitors 4.1 103 107 108 Identification by market and by product 108 4.1.2 4.2 Identifying competitors 4.1.1 Identification of the competitive forces at the industry level Analyzing a competitor’s strategy 111 117 4.2.1 Strategic groupings of companies 117 4.2.2 Competitive analysis 118 Contents vii 4.3 121 External sources 121 4.3.2 4.4 Finding information about competitors 4.3.1 Internal sources 126 127 4.4.1 Who performs the competitive analysis? 127 4.4.2 4.5 Organizing competitive analysis Performing the competitive analysis 128 Summary 129 References 129 Selecting Markets 5.1 Two market segmentation methods for high-tech products and services 131 133 5.1.1 Innovation-driven market segmentation: the customergrouping approach 134 5.1.2 Market-driven market segmentation: the market-breakdown approach 138 5.2 Evaluating and targeting segments 142 5.3 Positioning of the solution 145 5.4 Segmentation and time 150 5.5 Summary 152 References Product Strategy 6.1 153 155 156 6.1.1 Managing a product’s essence 156 6.1.2 Managing a product’s physical attributes 157 6.1.3 6.2 Managing the three product dimensions Managing a product’s shell 170 Managing a product range 173 6.3 Managing a high-tech product according to its product life cycle 176 6.3.1 178 6.3.2 Sales growth stage 181 6.3.3 6.4 Introduction stage Maturity and decline stages 183 Summary 184 References Distributing and Selling High-Tech Products 7.1 185 189 Selecting distribution channels for high-tech products 190 7.1.1 191 Channel-design decisions according to the size of the market 7.1.2 Channel-design decisions according to the cost of the distribution network 193 viii Contents 7.1.3 Channel-design decisions according to the product characteristics 7.1.4 Channel-design decisions according to the degree of control over a distribution network 7.3 196 7.1.5 Channel-design decisions according to the flexibility of the distribution network 7.2 195 197 Managing distributors of high-tech products 198 Selling high-tech products 201 7.3.1 203 7.3.2 A teamwork approach 206 7.3.3 Customer follow-up 208 7.3.4 Support activities 209 7.3.5 7.4 Prospecting: the importance of qualification and probing After-sales market 211 Summary 213 References 214 Communication Strategy for High-Tech Products 217 8.1 Communication for high-tech products 218 8.2 Setting a communication budget 219 8.3 Allocating the advertising budget 221 8.3.1 Sales 221 8.3.2 Trade magazines 222 8.3.3 Trade shows 223 8.3.4 Seminars and presentations 224 8.3.5 Sales communication material 225 8.3.6 Direct marketing, on-line marketing, and SMS marketing 225 8.3.7 Packaging 227 8.3.8 Magazines and newspapers 227 8.3.9 Television 228 8.3.10 228 Outdoor advertising 229 8.3.12 8.4 Radio 8.3.11 Communication mixes 229 Managing promotional tools 231 8.5 Preannouncement in the communication plan for high-tech products 232 8.6 Corporate advertising, public relations, and viral marketing 233 8.6.1 Corporate advertising 234 8.6.2 Public relations 234 8.6.3 Word-of-mouth and viral marketing 235 8.7 Summary 236 References Pricing High-Tech Products 237 239 292 Appendix B the field of high-tech products, where the environment and markets change at breakneck speed, contingency plans that are designed for implementation in case of some specific adverse event, like a delay in new product launching because of technical problems or the earliest entry on the market of a new competitor, may be outlined References [1] Bangs, D H., Jr., The Market Planning Guide: Creating a Plan to Successfully Market Your Business, Product, or Service, 6th ed., Chicago, IL: Dearborn Trade Publishing, 2002 [2] McDonald, M H B., Marketing Plans, Oxford, England: Butterworth- Heinemann Limited, 1989 About the Author Eric Viardot has a Ph.D in management He is a graduate of the HEC Business School and the Institute of Political Sciences, both in Paris, France After working for Digital Equipment, Dr Viardot was a strategic consultant at Bain and Company He is now a professor of marketing and strategy at Ceram Graduate Management Business School in Sophia Antipolis, France He frequently advises general management in strategic and marketing decisions 293 Index A Acquisitions, 63–64 Action programs, 66–67 defined, 66 efficient, 67 Administrative agencies, 125 Advertising budget allocation, 221–30 budgets, 218 corporate, 234 direct marketing, 225–26 magazines/newspapers, 227–28 media types, 221 mixes, 229–30 online marketing, 226–27 outdoor, 229 packaging, 227 radio, 228–29 sales communication material, 225 sales/sales management, 221–22 seminar and presentation, 224–25 SMS marketing, 227 television, 228 trade magazines, 222–23 trade shows, 223–24 See also Communication Aerogel, 16 After-sales market, 211–13 defined, 211 distribution channels and, 213 key buying factors in, 212 pricing errors, 212 pricing tactics, 213 reliability and, 212 See also Selling Alliances, 60–62 B2B, 61 defined, 60 market-based, 60 technology-based, 60–62 See also External development sources American Marketing Organization (AMA), Anticompetitive activity, 107 AOL/Microsoft rivalry, 122 B B2B alliances, 61 e-commerce volume, 192 high-tech products and, 26 purchasing factors, 79–84 B2C high-tech products and, 26 on-line markets, 193 Bargaining strength, 113–15 of buyers, 114 of complementors, 114–15 of suppliers, 113–14 Basic technologies, 54 Benchmarking, 124 Beta-testing, 138 Bidding price, 252 Bluetooth standard, 48 Brainstorming, 136 Brands, 163–69 benefits, 164 colors, 166 by customer experience, 166 customer response to, 167 defined, 163 facilitation, 163 identity, 164 logos, 165 major threats to, 168–69 management decisions, 168 meaning levels, 164 recognition, 167 stages, 166–67 tag line, 166 295 296 Brands (continued) value, 166 See also Product physical attributes; Products Break-even point, 250–51 Bundling, 258 Buyers, bargaining strength, 114 Buzz marketing, 235–36 C Cisco Distribution Partners (CDPs), 197–98 marketing organization case study, 267 Partner Consultative Support, 200 Services Management System (SMS), 200 Colors, 166 Common marketing plan (CMP), 201 Communication budget, setting, 219–21 campaign targets, 219 corporate advertising, 234 for high-tech products, 218–19 mixes, 229–30 preannouncement, 232–33 public relations (PR), 234–35 strategy, 217–37 summary, 236–37 word-of-mouth, 235–36 See also Advertising Communication networks GFNs, 45–46 many-to-many, 45 one-to-many, 45 Compactness, product, 160–61 Compatibility for increased returns generation, 44–46 in PC industry, 45 Competencies building, 58 core, managing technology as, 55–58 developing, through external growth, 58–64 strategic resource, 48–58 threat of substitute products, 111–12 Competitive analysis, 118–21 financial data, 118–19 organizing, 127–29 performers of, 127–28 performing, 128–29 political data, 119–20 sales data, 118 Competitive forces, 112 Competitors, 107–29 bargaining strength of buyers, 114 bargaining strength of complementors, 114–15 bargaining strength of suppliers, 113–14 Index competitive analysis, 118–21 external information sources, 121–26 government influence, 115–16 identifying, 108–16 identifying, at industry level, 111–16 identifying by market, 108–11 identifying by product, 108–11 information on, 121–27 internal information sources, 126–27 management style, 121 monitoring of, 128 pricing and, 247–49 strategic groupings, 117–18 strategy analysis, 117–21 summary, 129 threat of new entrants, 112–13 understanding, 107–29 Complementors bargaining strength, 114–15 defined, 114 Computer-aided manufacturing (CAM), 147 Computers car industry role, 41 product/market segments, 109 Concentrated marketing, 143 Concept tests, 94–95 Consulting companies, 125 Consumers, 85–87 followers, 86–87 forerunners, 85–86 innovators, 85 mainstream users, 86 rebels, 87 segmentation variables for, 140 traditionalists, 87 Cooperation, 270–80 as key success factor, 281, 285 with manufacturing and customer service, 275–78 organizing, 278–80 with R&D, 270–75 Corporate advertising, 234 Cost of goods sold (COGS), 46 Costs experience curve, 246 learning curve, estimating, 244–46 pricing below, 255–56 R&D, 246 Creativity techniques, 136 Customer Relationship Management (CRM), 88 effectiveness, 102 software, 101 strategic groups, 118 technological infrastructure and, 102 Customers Index Beta-test, 138 buying behavior, 74–93 crosschecking, 137 demand estimation, 93–101 demands, response to, 286 face-to-face time with, 210 follow-up, 208–9 grouping of, 137, 139 innovations and, 73 knowledge of, 73, 285 managing relationship with, 101–2 orientation, perceived value, 252–55 perception, 79 preferences, 98 purchase behavior, 98 qualification checklist, 205–6 qualifying, 205 as referral source, 209 in satellite launching business, 83 selective retention, 79 service, cooperation with, 275–78 value, understanding, 73 Customization, product, 162–63 D Data banks, 125 Decline stage, 184 Delivery, 171 Demand estimation, 93–101 concept tests/prototype tests, 94–95 expert opinion, 96 high-tech products and, 93 on-line market research, 99–101 quantitative analysis, 97–99 sampling groups, 96–97 test markets, 96–97 Differentiated marketing, 144 Differentiated products, 21 Direct marketing, 225–26 Discrete choice modeling (DCM), 253 Distribution channels after-sales market, 213 decisions, 189, 213 design decisions (cost of network), 193–95 design decisions (degree of network control), 196–97 design decisions (flexibility of network), 197–98 design decisions (product characteristics), 195–96 design decisions (size of market), 191–93 evolution of, 194 impact, 201 profitability analysis, 194 297 selecting, 190–98, 214 selection criteria, 191 summary, 213–14 Distribution network cost of, 193–95 degree of control over, 196–97 flexibility of, 197–98 Distributors, 190 as competitor information source, 126 managing, 198–201 negative feedback loop, 199 perfect, 202 selecting, 198 training, 198–99 Diversity, in high-tech products, 20–21 Documentation, 171–72 Dynamic random access memory (DRAM), 42, 119 E Elasticity of demand, 242–44 determining, 244 low, 243 See also Pricing Electronic commerce industry, 111 Electronic data interchange (EDI), 192 E-marketplaces, 192 Emerging technologies, 54 Enterprise Resource Planning (ERP), 34, 47 Entrants, new, 112–13 Expert opinions, 96 External development sources, 58–64 acquisitions, 63–64 alliances, 60–62 hiring from the industry, 60 illustrated, 58 joint ventures, 62–63 licensing, 59 relabeling, 58–59 research contracts, 59 External information sources (competitors), 121–26 advertising literature, 121 benchmarking, 124 conferences/conventions, 124 distributors, 126 Internet tracking, 126 list of, 123 panels, 125 partnerships, 124 patents, 124 periodicals, 126 press, 125–26 public/private data banks, 125 298 External information sources (continued) specialized administrative agencies, 125 specialized consulting companies, 125 standardization committees, 124–25 study trips, 125 suppliers, 121–22, 126 trade shows, 124 F Financial data, 118–19 Focus groups, 94 Followers, 86–87 Forecasting methods, 98–99 Forerunners attracting, 89 defined, 86 needs of, 90 See also Consumers G Global, going, 47 Global distribution system (GDS), 277 Global System for Mobile Communications (GSM), 45 Go-to-market approach, 263 Government influence of, 115–16 involvement, 21–23 in market creation, 115 Group Forming Networks (GFNs), 45–46 Growth phase, 41–48 compatibility, 44–46 defined, 36 global, 47 investment more than competitors, 47 managing, 183 open architecture and, 43–44 production cost minimization, 46–47 sales, 181–83 supportive network, 47–48 sustaining, 182 See also Life cycles; Technologies H High Performance Computing and Communications Initiative (HPCCI), 21, 115 High performance computing (HPC) market, 143 High tech as catchall category, defined, High-tech companies abilities, awareness of, 285–86 Index advertising budgets, 218 mission, 32–33 situation analysis for, 65–66 successful, 108 High-tech industry company mission/vision in, 32–34 as “winner-takes-all,” 41 High-tech marketing defined, 23–26 lack of historical data, 97 strategies, 31–69 See also Marketing High-tech products, 6–23 B2B/B2C and, 26 break-even point, 250–51 cellular phone example, 7–9 characteristics, 7, 218 chip manufacturing technology and, 9–10 communication strategy, 217–37 demand estimation and, 93 differentiated, 21 distinctive characteristics of, 24 distributing, 190–201 distribution channels, 190–98 distributors, 198–201 diversity, 20–21 government involvement, 21–23 innovation, 12–16 managing, according to life cycle, 176–84 market specificity, 20 non-standard, 195 price policy adaptation, 256–57 prices, setting, 249–59 pricing, 239–60 purchasing criteria, 85–93 purchasing factors (B2B), 79–84 purchasing factors (consumer), 74–79 quality, 169–70 R&D investments, 16–20 selling, 201–13 short life-cycle, 10–12 sophisticated technology, 7–10 standard, 21, 195 See also Products High-tech services, Human Proteome Project, 12 Human resources management, 50–51 I Inbound logistics, 50 Infrastructure, in value chain model, 51 Innovation-driven market segmentation, 134–38 Beta-test customer selection, 138 potential segment study, 136–38 Index product evaluation, 135–36 See also Market segmentation Innovations, 12–16 attitudes toward, 85–91 breakthrough, 14 competency-enhancing, 57 customers and, 73 disruptive, 14 incremental, 152 interconnected, 41 market sensitivity, 88 necessity, 12 quality, 12 radical, 41 technical feasibility of, 39 See also Technologies Innovative imitator strategy, 33 Innovators defined, 85 needs of, 90 targeting, 90, 179 Integrated marketing communications (IMC), 236 Introduction phase, 38–41 defined, 35–36 education, 179 failure and, 39–40 laser example, 39 product image, 180 strategies, 179–81, 181 targeting similar product users, 179–80 testimonials/recommendations, 180–81 See also Life cycles; Technologies Investment(s) more than competitors, 47 R&D, 16–20 R&D, strategic importance, 57 ISO 9000, 277 ISO 9001:2000, 277–78 J Joint marketing plan (JMP), 201 Joint Surveillance Target Attack Radar System (Joint STARS), 23 Joint ventures, 62–63 K Key success factors, 281, 285–87 collaboration, 281, 285 company abilities knowledge, 285–86 customer knowledge, 285 customer/organizational demand response, 286 illustrated, 286 product knowledge, 287 299 symbiosis with R&D, 286 timely product introductions, 286 Key technologies, 54 L Lead user approach, 137 Learning curve costs, 244–49 effect, 244 validity, 245 Licensing, 59 Life cycles, 10–12 concept, 35 decline/saturation phase, 37 decline stage, 184 growth phase, 36, 41–48, 181–83 importance, 176 introduction phase, 35–36, 38–41, 178–81 maturity stage, 183–84 PC, 182–83 product, theory, 178 product management according to, 176–84 products and technology illustration, 13, 37 short-term, 25 situation analysis and, 65 technologies, 35–38 Light emitting diodes (LEDs), 15 Linux, 49, 182 Logos, 165 M Magazines, 227–28 Mainstream users, 86 Maintenance, 172 Management competitor style, 121 customer relations, 101–2 patent, 56 price, 259 product dimensions, 156–73 product range, 173–76 promotional tools, 231–32 strategic decisions, 56 Manufacturing cooperation with, 275–78 quick response, 276 Many-to-many networks, 45 Market-driven market segmentation, 138–42 criteria selection, 139–42 defined, 138–39 variables (business markets), 141 variables (consumers), 141 See also Market segmentation Marketing action program, 290, 291 300 Marketing (continued) buzz, 235–36 concentrated, 143 contribution in patent management, 56 defined, 1–6 differentiated, 144 direct, 225–26 failures, 150 focus, high-tech, 23–26 Linux and, 49 managers, 23, 26, 74 mix, designing, 66 on-line, 226–27 orientation, philosophy, 2, 264 position of, 263–81 professionals, cultural differences, 270 purpose, 26 R&D links, 273 recipe, 23 research, 94 role in corporate strategy, 68 SMS, 227 state of mind, strategic, 132 in value chain model, 50 Marketing organization Cisco case study, 267 in company organization, 268 cooperation organization, 278–80 development stages, 264 interdepartmental cooperation, 270–80 internal, 266–70 manufacturing/customer service collaboration, 275–78 model, 265 position of, 264–66, 281 R&D collaboration, 270–75 sales support functions, 269 view, 265 Marketing plans, 67, 289–92 benefits, 289 budget, 291 common (CMP), 201 controls and contingency plans, 291–92 elements, 289–90 executive summary, 290 joint (JMP), 201 market analysis, 290, 291 marketing action program, 290, 291 marketing strategies, 290, 291 objectives, 290–91 operational, 289 strategic, 289 Index SWOT analysis, 290, 291 Marketing strategies, 31–69 corporate overlap, 32 Dell example, 31–32 development of, 64 as framework, 64 goal, 31 for large companies, 93 in marketing plan, 290, 291 pricing in, 239 summary, 68–69 technology dimensions, 34–48 technology resource competence, 48–58 Market price, 251 Market(s) after-sales, 211–13 breakdown approach, 136 CAD-CAM, 148 competitor identification by, 108–11 focus on, 33 government influence, 115 HPC, 143 penetration, accelerating, 91 selecting, 131–53 specificity, 20 targeting, 66 vision, 271 Market segmentation, 132 criteria, 150, 151 innovation-driven, 134–38 market-driven products, 133, 138–42 methods, 133–42 Nokia case study, 146–47 summary, 152–53 time and, 150–52 Market segments defining, 142 evaluating, 142–45 most significant, 143 potential, study of, 136–38 targeting, 142–45 Maturity stage, 183–84 Microsoft AOL rivalry, 122 platform strategy, 174, 175 Military communications, 23 technology performance, 22 Mission definition of, 32–33 Samsung example, 34 statement, 32 Monitoring competitors, 128 department, 129 Index procedures, 67 Moore’s Law, 10–11 Multifunctional organization, 279 Multifunctional project teams, 280 Multi protocol label switching (MPLS), 55 N Nanotechnology, 15 New product development (NPD) process, 25 Newspapers, 227–28 Nokia case study, 146–47 O One-to-many networks, 45 On-line marketing, 226–27 On-line market research, 99–101 advantages, 101 disadvantages, 100–101 participants, 100 timesavings benefit, 100 Open architectures Linux, 49 providing, 43–44 Operational marketing plan, 289 Operations, in value chain model, 50 Organic light-emitting diodes (OLEDs), 15 Original Equipment Manufacturers (OEMs), 191 Outbound logistics, 50 Outdoor advertising, 229 P Packaging, 227 Panels, 125 Partnerships, 124 Patents, as competitor information source, 124 Perceived value, 252–55 Perception, 79 Periodicals, 126 Personal factors B2B product purchasing, 84 consumer product purchasing, 77–78 PESTEL analysis, 65 Platforms defined, 173 Microsoft strategy, 174, 175 scrutinizing, 185 uses of, 173 Political data, 119–20 Positioning, 145–50 conveying, 150 difficulty, 147 effective, 149–50 IPAQ options, 145 301 in strategic marketing, 132 variables, 149 Potential, product, 173 Preannouncements, 232–33 benefits, 232 defined, 232 disadvantages, 233 See also Communication Price bidding, 252 determinants, integrating, 257–59 determining, 260 makers, 260 managing, 259 market, 251 Price/earnings ratio (PER), 118 Price policies adapting, 256–57 differentiation and, 257 product types and, 256 Price sensitive meter (PSM), 253 Price setting, 249–56 below costs, 255–56 bidding price, 252 break-even point, 250–51 cost + profit margin, 249–50 market price, 251 perceived value, 252–55 rate of return, 250–51 substitute product comparison, 252 Pricing, 239–60 after-sales market, 212, 213 below costs, 255–56 bottom price, 243 bundling and, 258 ceiling price, 243 comparisons, 240 by competitive force reactions, 259 competitors and, 247–49 complementary products, 258–59 costs learning curve and, 244–46 cut decision feedbacks, 248 decision, 242 differentiation and, 257 elasticity of demand, 242–44 limits, determining, 242–49 in marketing strategy, 239 models, 241 by product range, 257–58 smart, 247 summary, 259–60 TCO and, 254 tie-in offers, 258–59 Procurement, in value chain model, 50 302 Product essence, 155 changes, 156 defined, 155 identification, 156 managing, 156–57 quality and, 157 Production cost minimization, 46–47 orientation, 2, Product orientation, Product physical attributes, 155 brand name, 163–69 characteristics, 157–59 defined, 155 managing, 157–70 quality, 169–70 styles, 159–63 Product ranges evolution, 175 extending, 174 extending upward, 175–76 managing, 173–76 pricing according to, 257–58 scrutinizing, 185 Products bit rate-distance, 40 brand name, 163–69 “champions,” 269, 270 characteristics, 157–59 compactness, 160–61 competitor identification by, 108–11 customization, 162–63 declining, 184 delivery, 171 differentiated, 21 dimensions, 155–56 dimensions, managing, 156–73 documentation, 171–72 ease of use, 159–60 functional requirements, 272 high-tech, 6–23 industrial, 13 knowledge of, 287 lame-duck, 184 life cycle, 13 maintenance, 172 marketing value evaluation, 135–36 physical, 155 potential, 173 quality, 169–70 raison d’etre, 184 reliability, 161–62 security, 161–62 simplicity, 159–60 standard, 21 Index strategy, 155–85 style, 159–63 substitute, 111–12 substitute, comparison with, 252 timely introductions of, 286 Product shell, 155–56 defined, 155 managing, 170–73 services, 171–72 Professional services, Promotional items, 225 Promotional tools efficiency, 231 managing, 231–32 See also Advertising; Communication Prospecting, 203–6 Prototype tests, 95 Purchasing criteria, 85–93 Purchasing factors (B2B), 79–84 criteria groups, 82 economic situation, 82 environmental factors, 81–82 organizational factors, 83–84 personal factors, 84 political situation, 82–83 price and, 81 Purchasing factors (consumer products), 74–79 criteria groups, 76 personal factors, 77–78 psychological factors, 78–79 psychosocial factors, 77 sociocultural factors, 77 Wi-Fi example, 75–77 Push/pull decision, 189 Q Quality innovation, 12 product, 169–70 product essence and, 157 Quantitative analysis, 97–99 based on qualitative information, 98 techniques, 98 QWERTY keyword, 42, 90 R Radio, 228–29 Rate of return, 250–51 R&D aerospace industry, 19–20 automotive industry, 19 biotechnology, 18 costs, 246 cultural differences, 270 electrical equipment industry, 19 Index expenditures, 17 high investments in, 16–20 intensity evaluation, 17 investment, strategic importance, 57 IT, 19 marketing collaboration with, 270–75 marketing links, 273 nuclear industry, 20 solar industry, 20 spender rankings, 16 symbiosis with, 286 turnover, by industry, 18 Rebels, 87 Relabeling, 58–59 Reliability in after-sales market, 212 product, 161–62 Request for Proposals (RFPs), 84 Research contracts, 59 Resources, optimal allocation of, 53 Risk, attitudes toward, 91–93 S Sales communication material, 225 data, 118 orientation, 2, See also Selling Salespeople, 202 activities, 203 as advisors, 208 customer confidence and, 208 listening skills, 204 support activities, 209 time management, 204 training, 211 up-to-date, 210 See also Selling Sampling groups, 96–97 composition, 96 defined, 96 Security, product, 161–62 Segmentation, targeting, and positioning (STP), 132 Selective retention, 79 Selling, 201–13 activities, 203, 204 after-sales market, 211–13 complexity, 203 customer follow-up, 208–9 profitability analysis, 194 prospecting, 203–6 qualification checklist, 205–6 salespeople, 202, 203, 204 summary, 214 303 support activities, 209–11 support functions, 269 teamwork approach, 206–7 See also Sales Semantic Web research, 15 Seminars, 224–25 Service(s) delivery, 171 documentation, 171–72 maintenance, 172 as market success key, 171 in value chain model, 50 Services Management System (SMS), 200, 227 Short Message Service (SMS), 14 Silicon-on-insulator (SOI), 9–10 Simplicity, product, 159–60 Situation analysis, 65–66 defined, 65 life cycle and, 65 technological force, 65 Small and medium enterprises (SMEs), 220 Snake charts, 144 Standardization committees, 124–25 Standard products, 21 Study trips, 125 Style, product, 159–63 compactness, 160–61 customization, 162–63 reliability, 161–62 security, 161–62 simplicity, ease of use, 159–60 specialization, 162–63 See also Product physical attributes; Products Substitute products, 111–12 Suppliers bargaining strength, 113–14 as competitor information source, 121–23, 126 Support activities, 209–11 Supportive networks, 47–48 System integrators, 190 T Tag lines, 166 Targeting innovators, 90, 179 markets, 66 Teamwork, 206–7 for mainframe computer, 207 sales engineer and, 207 See also Selling Technologies basic, 54 categories, 54 competitive evolution of, 38 304 Technologies (continued) development, in value chain model, 50 emergence time, 38–39 emerging, 54 evolution and revolution, 12 growth phase, 36, 41–48 inferior, 42 introduction phase, 35–36, 38–41 key, 54 life cycles, 13, 35–38 managing, as core competence, 55–58 new uses for, 16 portfolio, 53–55 positioning of, 37–38 promising, 15 quick evolution, 33 sophisticated, 7–10 strategic dimensions, 34–48 as strategic resource competence, 48–58 succeeding technologies, 14 use prediction, 41 Technology-based alliances, 60–62 in aircraft manufacturing industry, 62 B2B, 61 benefits, 61 defined, 60 motivations, 61 See also Alliances Technology/product platforms, 158 Television, 228 Test markets, 96–97 Tie-ins, 258–59 Total cost of ownership (TCO), 254 Trade magazines, 222–23 coverage, 223 credibility, 222 sponsored, 223 See also Advertising Index Trade shows advertising, 223–24 as competitor information source, 124 trends, 224 Traditionalists, 87 U Universal Mobile Telecommunications Service (UMTS), 116 V Value-added resellers, 190 Value chain model, 50–53 defined, 50 development, 51 human resources management, 50–51 inbound logistics, 50 information treatment, 51 infrastructure, 51 marketing and sales, 50 operations, 50 outbound logistics, 50 physical analysis with, 52 primary activities, 50–51 procurement, 50 services, 50 support activities, 50–51 technology development, 50 Vaporware See Preannouncement Viral marketing, 235–36 W Wi-Fi, 75–77 defined, 75 technology derivation, 76 “Wired & Wireless: High-Tech 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