UNIVERSITI KUALA LUMPUR BUSINESS SCHOOL

DECEMBER 2021

GROUP ASSIGNMENT: TECHNOLOGY / MARKET TAXONOMY

_________________________________________________________________________________

COURSE CODE: MPU3242

COURSE NAME: INNOVATION MANAGEMENT

GROUP: IB10

SUBMISSION DATE: 13 DECEMBER 2021 | MONDAY

PREPARED FOR: SIR FAUZI AHMAD MARZUKI

PREPARED BY: GROUP 7

NAME STUDENT ID

MUHAMMAD AIMAN ALIF BIN MOHD IDRIS 62215220163

NORFIZLEEN BINTI ABDUL AZIZ 62215119142

MARDHATI SYAKIRAH BINTI MD SIDI 62215120084

NUR JIHAN BINTI MAZUKI 62215221103

MUHAMMAD AMIRUL HAZIQ BIN 62215220049

Definition
Technical innovation or innovators is the approach of introducing new ideas, based on
real experience or understanding, into an operational process. Utilization of new technology
and the implementation of technical skills is the foundation of technical innovation.
Technical innovation usually concentrates on the technological elements of a product or
service instead of the overall business model of a firm.
Product and Company sample
Tesla, Inc. is a producer of electric vehicles, solar panels, and battery for autos and
residential power supplies in the United States. Martin Eberhard and Marc Tarpenning which
are an American entrepreneurs established it in 2003. They are globally known for their fully
electric car that only operated using rechargeable battery. Their first model that launched in
the market were the Roadster in 2008. On a single charge, the car can travel for 394
kilometers which was a distance previously unimaginable of in a mass-produced electric
vehicle. Since then, Tesla has been the best manufacturer for electric car in the world. It was
a high degree of technological breakthrough that change the process and productivity of
electric vehicles industry.
Additionally, Tesla is the latest corporation to pursue an artificial intelligence (A.I)
advantage by developing its own silicon processors. They want to utilize the A.I technology
to improve the autonomous driving system that they implemented in their Tesla car model.
Tesla unveiled the features of a special artificial intelligence chip named D1 that would be
used to train the machine-learning algorithm that powers its Autopilot self-driving system.
We know that artificial intelligence is one the best technical innovation that ever been
innovate because it will decrease the amount of time required to finish a task. Something that
took months now will only take a few seconds to be completed in the near future. As a result,
the most significant use of A.I will be the automation of cognitive activities. Tesla have done
an excellent job of leveraging the A.I in their business in terms of the production process of
the car and the value added towards their products.
The differences
Technical innovators are often an evolutionary process that results from knowledge
gained while carrying out a productive procedure over time whereas the paradigm innovators
is a shift in the actual psychological representations that define what the business does, or
more precisely, how the business perceives its operations.
PARADIGM INNOVATORS

Definition
Paradigms are the values, assumptions, and beliefs that make up the way people see
things. Companies that introduce new product concepts based on wholly new technologies
are known as paradigm innovators. Since both technology and commercial risks are generally
significant, paradigm innovators are often high-risk businesses.
Product and Company sample
Product that are from the paradigm innovator are such as iPhone that was made from
the company Apple Inc. which is a multinational technology firm that is based in the United
States that specializes in consumer goods, software, and online services. Apple has always
come up with new product coming up with a whole new technology with it. As an example,
the new iPhone 13 is using an a15 bionic chip which is a newer version of the a14 bionic chip
that was use in iPhone 12. Other than that, paradigm innovation can always be seen in the
motorcar business. As an example, Proton Holdings Berhad which is a Malaysian vehicle
manufacturer that engages in the design, manufacture, distribution, and sale of automobiles
has always come up with new product with a whole new technology with is such as the
Proton x50 and the Proton x70.
The Differences
The introduction of a novel marketing method involving significant modifications in
product design or packaging, product placement, product promotion, or pricing is referred to
as marketing innovation. Marketing innovations strive to better answer customer
requirements, open new markets, or reposition a company's product on the market, all with
the goal of increasing sales. The deployment of a marketing method not previously used by
the firm distinguishes a marketing innovation from other changes in a firm's marketing
instruments. It must be a part of a new marketing concept or plan that differs significantly
from the company's current marketing practices. The inventive firm can develop the new
marketing method or adopt it from other firms or organizations. Both new and established
products can benefit from new marketing techniques. While paradigm innovators are more
focused on developing new product and new technologies for the company. As an example,
marketing innovation are the IKEA application that was launched by IKEA which is a
renowned company from Sweden that enables their furniture to be easily assembled often
without tools. The application has not only given consumers access to the company's
inventory, but also allowed them to see how products might look in their own homes via
augmented reality. However, as for paradigm innovations are such as iPhone, automobile that
is using a newer technology then the previous product released.
APPLICATION INNOVATORS

Definition
Application innovators is the companies utilize existing technology in a well-
established market. It comprises the processes by which new ideas are formed and converted
into usable goods, and it includes the deliberate use of information, imagination, and
initiative in obtaining higher or different values from resources.

Product and Company sample

The Differences
The characteristics of application innovators is to adding value to existing technology
to set the company apart from its competitors and boost customer and market perceptions of
value. Besides, it is also to enhance or replacing company processes to boost efficiency and
productivity or allowing the company to expand the range or quality of its present products.
MARKET INNOVATORS

Definition
Market innovators, also known as influencers, are a critical segment for businesses
because their products' reviews and perceptions rely on them. They are also in charge of
persuading customers who are interested in a new development to make it a market
innovation for the company. A marketing innovation is the adoption of a new marketing
strategy that involves significant changes in product design or packaging, product placement,
product promotion, or pricing. Marketing innovations aim to better address customer needs,
open up new markets, or reposition a company's product on the market, with the goal of
increasing sales. The implementation of a marketing method not previously used by the firm
distinguishes a marketing innovation from other changes in a company's business marketing
instruments. It must be part of a new marketing concept or strategy that differs significantly
from the firm's current marketing methods. The innovating firm can develop the new
marketing method or other firms, or organizations can adopt it. New marketing techniques
can be used for both new and existing products.
Product and Company sample
The first example is IKEA, which has always been closely associated with innovation.
Despite the fact that it may not have a direct revenue return for the brand, IKEA makes an
effort to cater to customers' post-purchase needs. For example, they launched a platform to
assist customers in selling their used furniture, even going so far as to assist users in taking
photos and opening the brand's Facebook page to serve as an online marketplace. Instagram,
for example, has implemented innovative practices to improve user experiences in this target
market. With new app APIs, Instagram has significantly expanded its advertising capabilities
within the app. It's been a very positive development, and brands in the fashion industry, as
well as other industries, are starting to enjoy the ability to share content, which users are
engaging with in the same way they would with other content. The final example is L'Oréal,
which is a female's favorite because their personal care products are the greatest. L'Oréal's
Makeup Genius app allows customers to do a digital makeover with their phones. The brand
enlisted the help of the same makeup artists who worked on "The Curious Case of Benjamin
Button" to create the realistic special elements required.
The differences
Market innovation is essential for great marketing because there is always room to
improve brand relationships and customer experiences. Ensuring that innovative practices can
have an impact on a brand's marketing efforts enables brands to be consumer-centric and
forward-thinking. Furthermore, marketing innovators can help by revealing customer needs,
as a company must understand its customers' needs in order to use them as foundations to
validate ideas. Finally, marketing innovation will open up new markets and, as a result,
increase the company's sales.