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Innovators and Imitators in Novelty‐intensive Markets: A Research Agenda
Author(s) -
Dewett Todd,
Williams Scott David
Publication year - 2007
Publication title -
creativity and innovation management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.148
H-Index - 60
eISSN - 1467-8691
pISSN - 0963-1690
DOI - 10.1111/j.1467-8691.2007.00421.x
Subject(s) - novelty , obsolescence , marketing , product (mathematics) , industrial organization , context (archaeology) , business , competition (biology) , new product development , service (business) , demand management , economics , microeconomics , psychology , social psychology , paleontology , ecology , geometry , mathematics , macroeconomics , biology
The phenomenon of demand for novelty is defined and explored as a unique and under‐examined aspect of certain markets. Demand for novelty is the portion of demand not explained by practical utility or marketing effects – it is the demand for the new and unique. We explore markets characterized by high demand for novelty and how they differ from typical markets. Primarily, this involves the central role of novelty in the product or service value proposition as well as rapid growth rates and product or service obsolescence. Within this context, we consider the dynamics of innovating and imitating and suggest several ways that first mover competition is unique in markets with high demand for novelty. From the perspective of the knowledge‐based theory of the firm, we consider the implications of organizational learning and knowledge and decision making as they relate to new product development routines, improvisation, and top management team decision making. We conclude by considering several avenues for future empirical research.