WHAT ARE TECHNICAL INNOVATION CYCLES? - CULTURE VOCABULARY

The cycles of technical innovation are those transformations that a product or service goes through. Technology and its evolution function as a living organism and as such, its members are metaphorically born, develop and die.

This cycle is natural and necessary. It is what opens the doors for the renewal and updating of man.

The cycle has 4 circular stages in which one is a consequence of the previous one. They begin with the process of conception of an idea, followed by the rise of the product in the market, then the wear and tear of the product and finally its symbolic death.

After the latter, the cycle is restarted, with a new product or with updates to the previous one.

Stages of the technological innovation cycle

1- Design of the product or service

In the first instance, a market analysis is carried out, to diagnose failures and locate needs. The defined objectives are then drawn based on the results of the analysis.

When the product or service that will achieve these objectives is determined, it is created.

The first versions are raw tests. With these, the studies of the impact on the audience continue.

When the product is ready and success assured, it is launched on the market.

2- Launch of the product or service to the market

If the product is an immediate failure, its cycle dies there, but if it manages to position itself in the market then it has a promising future.

Its popularity in the public depends not only on the quality of the service. It is also important to take into account the distribution tools available.

Using the tools properly the product can be popular with the audience. If this is the case, earnings will begin to be reported to cover production expenses.

The life of the product depends on the public, this is why preliminary studies are important.

With these it is possible to visualize the future of the product and know what risks are being assumed.

3- Wear and tear of the product or service

Like any organism, technology wears out. This happens when the product loses its strength and popularity in the market.

This is for several reasons: competitors may have come up with the same product with other benefits, or they may have taken a step forward and their product has some premature upgrade.

But this stage does not represent the death of the product. It can last a little longer in the market if the right strategies are used.

An advertising campaign can be generated to reposition it or adapt it to a slightly different target that has not yet been observed by competitors.

4- Decline of the product or service

The death of a product occurs when the boom is behind us and its name stops being heard frequently.

At this point there is no way to get the product back. Updates will not be enough, nor will advertising strategies.

When this happens it is time to restart the cycle, look for new ideas and do new studies that determine what is the next step to take.