Innovation Marketing in the 21stCentury: A Total-System Approach to Meet Future Challenges
Publication Date
1-1-2022
Document Type
Conference Proceeding
Publication Title
PICMET 2022 - Portland International Conference on Management of Engineering and Technology: Technology Management and Leadership in Digital Transformation - Looking Ahead to Post-COVID Era, Proceedings
DOI
10.23919/PICMET53225.2022.9882642
Abstract
Innovation, simply defined as idea implemented with significant impact, faces unprecedented marketing challenges for the 21st century, resulting directly from the paradigm shifts in human needs and values as well as in the global environment. This paper first introduces the interactive system of key innovation participants, and their common investment perspective for idea implementation, followed by a new model for human needs to explore the participants' investment values and risks. It proceeds to present a unified application of marketing concepts to innovation process based on the key participants' needs and values. The paper then discusses the conditions for innovation market entry in an integrated economic-ecological-societal system. It next describes how these conditions have fundamentally changed in the 21st century due to multi-century economic expansion, exponential technological growth, and rapid environmental deterioration. It analyzes the long-term causal effects of these major changes on new market emergence and existing market behavior in the 21st century. Finally, the paper outlines a total-system approach to innovation marketing for the 21st century that aligns the values of all key innovation participants to meet the enormous challenges of the critical, fast-changing yet unknown futures, which requires analysis of the impacts on participants' values in the integrated economic-ecological-societal system and studies of critically important unknowns in the future through new tools like advanced IT and nescience.
Department
Marketing and Business Analytics
Recommended Citation
Rainer P. Hasenauer and Oliver Yu. "Innovation Marketing in the 21stCentury: A Total-System Approach to Meet Future Challenges" PICMET 2022 - Portland International Conference on Management of Engineering and Technology: Technology Management and Leadership in Digital Transformation - Looking Ahead to Post-COVID Era, Proceedings (2022). https://doi.org/10.23919/PICMET53225.2022.9882642
